Let x₁ be the number of machine part I X2 be the number of machine part II Objective Function: Max P = 50x₁ + 100x₂ subject to: 10x1 + 5x2 < 2500 4x110x22000 X1+1.5×, < 450 X1, X₂0 Solve the given LP Problem using simplex method and perform the sensitivity analysis. Find the optimality range.
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- Based on Babich (1992). Suppose that each week each of 300 families buys a gallon of orange juice from company A, B, or C. Let pA denote the probability that a gallon produced by company A is of unsatisfactory quality, and define pB and pC similarly for companies B and C. If the last gallon of juice purchased by a family is satisfactory, the next week they will purchase a gallon of juice from the same company. If the last gallon of juice purchased by a family is not satisfactory, the family will purchase a gallon from a competitor. Consider a week in which A families have purchased juice A, B families have purchased juice B, and C families have purchased juice C. Assume that families that switch brands during a period are allocated to the remaining brands in a manner that is proportional to the current market shares of the other brands. For example, if a customer switches from brand A, there is probability B/(B + C) that he will switch to brand B and probability C/(B + C) that he will switch to brand C. Suppose that the market is currently divided equally: 10,000 families for each of the three brands. a. After a year, what will the market share for each firm be? Assume pA = 0.10, pB = 0.15, and pC = 0.20. (Hint: You will need to use the RISKBINOMLAL function to see how many people switch from A and then use the RISKBENOMIAL function again to see how many switch from A to B and from A to C. However, if your model requires more RISKBINOMIAL functions than the number allowed in the academic version of @RISK, remember that you can instead use the BENOM.INV (or the old CRITBENOM) function to generate binomially distributed random numbers. This takes the form =BINOM.INV (ntrials, psuccess, RAND()).) b. Suppose a 1% increase in market share is worth 10,000 per week to company A. Company A believes that for a cost of 1 million per year it can cut the percentage of unsatisfactory juice cartons in half. Is this worthwhile? (Use the same values of pA, pB, and pC as in part a.)what is advantage and dis advantage of the following: maximac criterion maximin Criterion Minimax regret criterion Hurwicz Criterion Equal likelihood criterionGraph the feasible region for the system of inequalities. 4x+y≤3 x-y>3
- Show that if ˆ is an unbiased estimator of θ andvar()ˆ Z 0, then ˆ 2 is not an unbiased estimator of θ 2.A survey was conducted to 12 first time voters on their preferred candidate. The results are: BBM, BBM, LR, IM, PL, PL, IM, IM, BBM, BBM, LR, LR. Which statement is true? The Borda score of PL is two points. BBM wins by plurality method. The Condorcet winner is IM. The modes are LR and IM Which of the following is a property of all linear programming problems? alternate courses of action to choose from minimization of some objectives a computer program usage of graphs in the solutionGraph the feasible region for the system of inequalities. 5x+y< -3 x-y > 3
- Explain why the reward for a saddle point must be thesmallest number in its row and the largest number in itscolumn. Suppose a reward is the smallest in its row and thelargest in its column. Must that reward yield a saddle point?CAN YOU EXPLAIN THREE OUTPUTS OF MARTRIX MODEL CONNNNUNICATION WITH SOME EXAMPLES?2. The idea of assigning numerical values to determine a preference ordering over a set of ob- jects is not limited in application to commodity bundles. The Bill James Baseball Abstract argues that a baseball player's batting average is not an adequate measure of his offensive productivity. Batting averages treat singles just the same as extra base hits. Furthermore they do not give credit for "walks," although a walk is almost as good as a single. James argues that a double in two at-bats is better than a single, but not as good as two singles. To reflect these considerations, James proposes the following index, which he calls "runs created." Let A be the number of hits plus the number of walks that a batter gets in a season. Let B be the number of total bases that the batter gets in the season. (Thus, if a batter has S singles, W walks, D doubles, T triples, and H home runs, then A= S + D + T + H+W and B = S +W +2D +3T +4H.) Let N be the number of times the batter bats. Then his…
- Given the following panel data model Y = Bo + B1X + a; + U which of the followings is(are) correct? Yanıtınız: a, refers observable fixed effects while u, refers to unobservable fixed effects. a, and u are both unobservable. We cannot estimate B, if X, is time varying. O We cannot estimate the model if some individuals are dropped from the data.Describe the analysis of simultaneous changes in coefficients of objective function??An urn contains 10 red balls and 30 blue balls.a Suppose you draw 4 balls from the urn. Let Xi bethe number of red balls drawn on the ith ball (Xi 0 or1). After each ball is drawn, it is put back into the urn. Are the random variables X1, X2, X3, and X4 indepen-dent random variables? b Repeat part (a) for the case in which the balls are notput back in the urn after being drawn.