Use a single excel file with formulas within answer cells. Show formulas in Excel Your retail business sells pumpkins. You have to decide how many pumpkins to order from the farmer. Based on your historical sales, you think the probability of selling 500 is 0.2, 1000 is 0.35, 1500 is 0.35, and 2000 is 0.1. You can buy each pumpkin from the farmer for $3.35 and sell each pumpkin for $5.00. If you have leftover pumpkins at the end of the season, you can sell them to a local homeless shelter for $1.75.You could hire a consultant for $300 to study and provide more information on the market conditions. There is an 80% chance the study is favorable. With a favorable study, the probability of selling 500 is 0.1, 1000 is 0.2, 1500 is 0.4, and 2000 is 0.3. If the study is unfavorable, the probability of selling 500 is 0.4, 1000 is 0.4, 1500 is 0.1, and 2000 is 0.1. Calculate EMVs and write the strategy.

In this question we have to perform Excel operation using formula to Calculate all EMVs Let's…

Answered: Use a single excel file with formulas…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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Use a single excel file with formulas within answer cells. Show formulas in Excel

Your retail business sells pumpkins. You have to decide how many pumpkins to order from the farmer. Based on your historical sales, you think the probability of selling 500 is 0.2, 1000 is 0.35, 1500 is 0.35, and 2000 is 0.1. You can buy each pumpkin from the farmer for $3.35 and sell each pumpkin for $5.00. If you have leftover pumpkins at the end of the season, you can sell them to a local homeless shelter for $1.75.
1. You could hire a consultant for $300 to study and provide more information on the market conditions. There is an 80% chance the study is favorable. With a favorable study, the probability of selling 500 is 0.1, 1000 is 0.2, 1500 is 0.4, and 2000 is 0.3. If the study is unfavorable, the probability of selling 500 is 0.4, 1000 is 0.4, 1500 is 0.1, and 2000 is 0.1. Calculate EMVs and write the strategy.

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