An Appliance Dealer Must Decide How Many (If Any)new Microwave

question 70

Essay

An appliance dealer must decide how many (if any)new microwave ovens to order for next month.The ovens cost $220 and sell for $300.Because the oven company is coming out with a new product line in two months,any ovens not sold next month will have to be sold at the dealer's half price clearance sale.Additionally,the appliance dealer feels he suffers a loss of $25 for every oven demanded when he is out of stock.On the basis of past months' sales data,the dealer estimates the probabilities of monthly demand (D)for 0,1,2,or 3 ovens to be 0.3,0.4,0.2,and 0.1,respectively.The dealer is considering conducting a telephone survey on customers' attitudes towards microwave ovens.The results of the survey will either be favorable (F),unfavorable (U),or no opinion (N).The dealer's probability estimates for the survey results based on the number of units demanded are: ​
a.What is the dealer's optimal decision without conducting the survey?
b.What is the EVPI?
c.Based on the survey results,what is the optimal decision strategy for the dealer?
d.What is the maximum amount he should pay for this survey?

Explain the role of soft power, economic aid, and sanctions in international relations.

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Definitions:

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a lack of understanding for other cultures.

Cultures

The shared values, practices, and social behaviors of particular groups, communities, or societies, often distinguished by tradition, language, and collective identity.

Metric System

An international decimal system of weights and measures based on the meter for length and the kilogram for mass.