Question
In: Statistics and Probability
A fashion designer wants to produce a new line of clothes. In the production of the...
A fashion designer wants to produce a new line of clothes. In the production of the clothes, expensive, medium-priced, or inexpensive materials can be used. The profit associated with each type of material depends upon economic conditions next year. Below you are given the payoff table.
|
|
States of Nature |
||
|
Decisions |
Economy Improves |
Economy Stays the Same |
Economy Gets Worse |
|
Expensive |
80,000 |
40,000 |
10,000 |
|
Medium |
40,000 |
60,000 |
70,000 |
|
Inexpensive |
10,000 |
30,000 |
60,000 |
Part a) Which decision would you make using the Hurwicz criterion? a = 0.70
part b) What is the value associated with that decision?
Solutions
orchestra answered 1 year agoRelated Solutions
A fashion designer wants to produce a new line of clothes. In the production of the...
A fashion designer wants to produce a new line of clothes. In
the production of the clothes, expensive, medium-priced, or
inexpensive materials can be used. The profit associated with each
type of material depends upon economic conditions next year. Below
you are given the payoff table.
States of Nature
Decisions
Economy
Improves
Economy
Stays the Same
Economy
Gets Worse
Expensive
80,000
40,000
10,000
Medium
40,000
60,000
70,000
Inexpensive
10,000
30,000
60,000
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PPF
MC
MB
Shoes (million pairs per year)
Clothes (million pieces per hour)
Shoes (million pairs per hour)
Clothes (million pieces per hour)
Shoes (million
pairs per hour)
Clothes (million pieces per hour)
0
35
1
32
0.5
10
2
27
1.5
8.5
3...
Suppose Nike opened a new production plant in China to produce sports clothes and shoes. After...
Suppose Nike opened a new production plant in China to produce
sports clothes and shoes. After operating for several years, the
company collected the following data about production possibilities
(left table) and marginal benefit (middle table).
PPF
MB
Shoes (million pairs per year)
Clothes (million pieces per hour)
Shoes (million
pairs per year)
Clothes (million pieces per year)
0
35
1
32
0.5
10
2
27
1.5
8.5
3
20
2.5
7
4
11
3.5
5.5
5
0
4.5
4...
Suppose Nike opened a new production plant in China to produce sports clothes and shoes. After...
Suppose Nike opened a new production plant in China to produce
sports clothes and shoes. After operating for several years, the
company collected the following data about production possibilities
(left table) and marginal benefit (middle table).
PPF
MB
Shoes (million pairs per year)
Clothes (million pieces per hour)
Shoes (million
pairs per year)
Clothes (million pieces per year)
0
35
1
32
0.5
10
2
27
1.5
8.5
3
20
2.5
7
4
11
3.5
5.5
5
0
4.5
4...
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