Assessment: 1. A group of students raise money each year by selling souvenirs outside the stadium of a cricket match between teams A and B. They can buy any of three different types of souvenirs from a supplier. Their sales are mostly dependent on which team wins the match. A conditional payoff (in Rs.) table is as under: Type of Souvenir I II III Team A wins 1000 500 800 Team B Wins 550 600 1000 (i) Construct the opportunity loss table. (ii) Which type of souvenir should the students buy if the probability of team A's winning is 0.7? (iii) Compute the cost of uncertainty. 2. The following is the information concerning a product X : (i) Per unit profit is Rs 6. (ii) Salvage loss per unit is Rs 4. (iii) Demand recorded over 300 days is as under: Units demanded: 10 11 12 13 14 No. of days : 40 30 60 55 35 Find: (i) EMV of optimal order. (ii) Expected profit presuming certainty of demand