SCENARIO 13-14-A
You Are the CEO of a Dairy Company

question 217

Short Answer

SCENARIO 13-14-A
You are the CEO of a dairy company. You are planning to expand production by purchasing
additional cows, lands and hiring more workers. From the existing 50 farms owned by the company,
you have collected data on total milk production (in liters) and the number of milking cows. The data
are shown below and also available in the Excel file Scenario13-14-DataA.XLSX. $$\begin{array} { l r r r r r r r r r r } \text { MILK } & 84729 & 101969 & 103314 & 70574 & 76144 & 86695 & 87600 & 105272 & 120422 & 68749 \\& 85541 & 91910 & 110465 & 125369 & 159470 & 102930 & 113214 & 133328 & 140086 & 145514 \\& 152589 & 128304 & 138093 & 161368 & 208136 & 224205 & 231090 & 122204 & 132311 & 155154 \\& 177268 & 196449 & 205324 & 89562 & 94840 & 94997 & 97625 & 102226 & 103832 & 239673 \\& 239861 & 241298 & 249196 & 294455 & 318871 & 66483 & 100459 & 103847 & 154141 & 155516 \\\text { COWS } & 18 & 24 & 22 & 19 & 21 & 19 & 22 & 19 & 24 & 18 \\& 20 & 25 & 26 & 27 & 29 & 24 & 25 & 28 & 26 & 28 \\& 27 & 21 & 24 & 27 & 33 & 32 & 32 & 22 & 25 & 26 \\& 29 & 29 & 28 & 25 & 21 & 23 & 24 & 28 & 25 & 39 \\& 40 & 40 & 39 & 42 & 47 & 19 & 20 & 21 & 25 & 31\end{array}$$ You believe that the number of milking cows is the best predictor for total milk production on any
given farm.
-Referring to Scenario 13-14-A, if you purchase 40 cows for the new farm, its predicted total
milk production is _________ liters.

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Definitions:

Two-Person Game

A strategic interaction between two players where the choices of each player affect the outcome for the other, typically analyzed in game theory.

Strategies

Plans of action designed to achieve a long-term or overall aim, commonly applied within contexts such as business, military, and gaming.

Dominant Strategy

In game theory, an approach that secures the optimal result for a participant, no matter the actions taken by other competitors.

Cooperate

To work or act together towards a common goal or benefit, often seen in contexts of game theory, business, and social interactions.