# Week2

In: Other Topics

Submitted By tdinh20876
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[pic] Department of Management
Class of BUS 564 Advanced Decision Making Final Exam

1- A local real estate investor in Orlando is considering three alternative investments: a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment:
| |Gasoline Availability |
|Investment |Shortage |Stable Supply |Surplus |
|Motel |\$ 6,000 |\$10,000 |\$20,000 |
|Restaurant |2,000 |15,000 |6,000 |
|Theater |8,000 |4,000 |5,000 |

Determine the best investment, using the following decision criteria. a. Minimax regret b. Hurwicz (a= .4)

2- The Valley Wine Company purchases grapes from one of two nearby growers each season to produce a particular red wine. It purchases enough grapes to produce 3,000 bottles of the wine. Each grower supplies a certain portion of poor-quality grapes, resulting in a percentage of bottles being used as fillers for cheaper table wines, according to the following probability distribution:
| |Profit |
|Defective (%) |Grower A |Grower B |
|2 |\$44,200 |\$42,600 |
|4 |40,200 |40,300 |
|6 |36,200 |38,000 |
|8 |32,200 |35,700 |
|10 |28,200 |33,400 |

| |Probability of Percentage Defective |
|Defective (%) |Grower A |Grower B |
|2 |.15...

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