The inverse demand for a homogeneous-product Stackelberg duopoly is P= 10,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 4,000 QF a. What is the follower's reaction function? QF= 750 0.1 QL b. Determine the equilibrium output level for both the leader and the follower. Leader output: 875 Follower output: 641 c. Determine the equilibrium market price. $ 4,999 d. Determine the profits of the leader and the follower. Leader profits: $1,619,531 Follower profits: $ 999,506 ✪
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- An automatic machine is used to fill cans with coffee. The nominal weight of each can is 16.0 oz. The standard deviation of the fill weight is known to be 0.10 oz. Cans are automatically inspected, and all underfilled cans are rejected. The selling price of a can of coffee is $3. Underfilled cans can be sold for $1.75. The cost of the coffee $0.10 per ounce. Determine the optimum mean target level for the filling machineThe Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent on the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): (bold and underline is answer/ --- = needs answer) State of Nature Low Demand Medium Demand High Demand Decision Alternative s1 s2 s3 Manufacture, d1 -20 40 100 Purchase, d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.40, P(s2) = 0.40, and P(s3) = 0.20. Do not round your intermediate calculations. (a) Use a decision tree to recommend a decision. Purchase Component Part (b) Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand. Enter your answer in thousands dollars. For example, an answer of $200 thousands should be entered as 200,000. Gorman should attempt to obtain a better estimate of…Letz Products has two decisions to make, with the second decision dependent on the outcome of the first. The company intends to build a new plant. Letz has the option of conducting its own marketing research survey for which the results will either be positive or negative. The information from this survey could help it decide whether to build a large plant, to build a small plant, or not to build at all. Letz recognizes that although such a survey will not provide it with perfect information, it may be extremely helpful. Using figure 1 – explain to your client (Letz) what the above decision tree shows. You are required to show all working.
- The preference of an agents on lotteries can be represented by an expected utility function u such that u(x) = 3y^1/2 -10. Then the agent is A) not risk averse B) risk loving C) risk neutral D) risk averse E) NOPACA recently concluded Kaggle competition had a prize of $60,000 and was about predicting customer satisfaction: Santander Customer Satisfaction Links to an external site.. Download the training and test sets from the Kaggle site and train and validate a decision tree classification model from the Scikit-learn machine learning library. The training and test sets are also provided here - "Santander Customer Satisfaction- TRAIN.csv Download Santander Customer Satisfaction - TRAIN.csv" and "Santander Customer Satisfaction- TEST-Without TARGET.csv"SYSTEM IDENTIFICATION 15- The concept of "whether the parameters of a model set can be uniquely determined from the predictor filters or not" is called: A. identifiability B. stability C. prediction D. differentiability E. observability ANSWER and write the reason? a
- The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 Decision tree leading to market study/ prediction of favorable…The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 Compute the probabilities by completing the table Sate of…The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 A.Compute the probabilities by completing the table Sate of…
- As the owner of a fast food restaurant wiht declining sales, your customers are looking for something new and exciting on the menu. Your market research indicates that they want a burger that is loaded wiht everything as long as it meets certain health requirements. Money is no object to them. Must include at least one of each item and no more than six of each item. Must use whole items 9 (no half or partial servings). Final burger must contain no more than: 3,000 mg of sodium, 150g of fat, 3,000 calories. Must keep the servings of ketchup and lettuce the same. Muse use exactly two buns. What is the most expensive burger you can make that meets these requirements? What are the allocations of each ingredient?The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a.Use expected value to recommend a decision. b.Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.The owner of a retail store that specializes in school supplies plans to buy TV ad time during the broadcast of Wheel of Fortune, a game show that has a rating of 20. It reaches 15,000 people in the primary target audience and a 30-second spot costs $500. What is the cost per thousand (CPM) of the show? 1) $33 2) $133 3) $30 4) $23 5) $750 Dravinur Dnn