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Question;Part 1 of 3 - Part 1This part of the question is based on the information from Problems 3-18 and 3-19 in the textbook.Question 1 of 9 10.0 PointsIf Bob would want to base his decision on the Maximin criterion, then which equipment would he choose?A. Sub 100 B. Oiler J C. Texan D. The same as his brother Ken's choice Reset SelectionMark for Review What's This?Question 2 of 9 10.0 PointsBased on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Sub 100 is. (Please round to a whole dollar.)Mark for Review What's This?Question 3 of 9 10.0 PointsBased on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Oiler J is. (Please round to a whole dollar.)Mark for Review What's This?Question 4 of 9 10.0 PointsIf Ken would want to maximize the Expected Monetary Value (EMV), then he should choose __________.A. Sub 100 B. Oiler J C. Texan Reset SelectionMark for Review What's This?Question 5 of 9 10.0 PointsIf Ken believes that Sub 100 cannot get $300,000 even in a favorable market, then this figure needs to be at least less for Ken to change his decision. (Please round to a whole dollar.)Hint: You may want to use the What-If-Analysis Goal Seek Tool in Excel as described in Week 1 PPP Slides (1-30).Mark for Review What's This?Part 2 of 3 - Part 2This part of the question is based on the information from Problem 3-26 in the textbook.Question 6 of 9 10.0 PointsThe Expected Monetary Value (EMV) of producing 6 cases of cheese spread is. (Please round to a whole dollar.)Mark for Review What's This?Question 7 of 9 10.0 PointsThe Expected Monetary Value (EMV) of producing 9 cases of cheese spread is. (Please round to a whole dollar.)Mark for Review What's This?Question 8 of 9 10.0 PointsJohn should manufacture _________ cases of cheese spread.A. 6 B. 7 C. 8 D. 9 Reset SelectionMark for Review What's This?Part 3 of 3 - Part 3This part of the question is based on the information from Problem 3-34 in the textbook.Question 9 of 9 20.0 PointsConstruct a decision tree by fill-in the blanks below in reference to the following chart.The decision choice at Decision 1 is and that at Decision 2 is Event 1 is and Event 2 is.The probability for Prob1 is and that for Prob2 is.Payoff 1 is and Payoff 2 is.EMV 1 is and EMV 2 is.

Paper#60698 | Written in 18-Jul-2015

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