Question Completion Status: Save Answer estion 7 4 points Sana manages a small sea food store and struggles with managing the demand and supply of products with low shelf-life. At the moment, she needs to replenish her supply of fresh crabs that she sells at a price of $100 per case. She can purchase an unlimited quantity of crabs from her supplier at a rate of $60 per case. 1. Complete the following payoff table for decision analysis using the identified alternatives and states of nature. Assume that all states are equally likely to occur. Alternative State of Nature (Cases Sold) (Cases Expected Bought) 10 Payoff 11 $ 13 $ 12 $ 10 $ 11 12 13 2. If the decision is being made using the Bayes Decision Rule, how many cases of fresh crabs should be purchased? Cases 3. What would be the expected payoff of making this decision? 0 ety ON Remaining Time: 51 minutes, 30 seconds. Question Completion Status: 4. Assume that Sana needs to sell all of the available cases of crabs within a day because she does not have a deep freezer to store them for a longer period. Any remaining cases of crabs left unsold after day-1 can be sold to a competing store at a reduced rate of $50 per case. Complete the following payoff table for decision analysis using the identified alternatives and states of nature. Assume that all states are equally likely to occur. Alternative State of Nature (Cases Sold) Expected Payoff Bought) (Cases 10 11 $ 12 13 10 11 $ 12 $ 13 5. If the decision is being made using the Bayes Decision Rule, how many cases of fresh crabs should be purchased? Cases 6. What would be the expected payoff of making this decision? ditv O Question Completion Status: Save Answer estion 7 4 points Sana manages a small sea food store and struggles with managing the demand and supply of products with low shelf-life. At the moment, she needs to replenish her supply of fresh crabs that she sells at a price of $100 per case. She can purchase an unlimited quantity of crabs from her supplier at a rate of $60 per case. 1. Complete the following payoff table for decision analysis using the identified alternatives and states of nature. Assume that all states are equally likely to occur. Alternative State of Nature (Cases Sold) (Cases Expected Bought) 10 Payoff 11 $ 13 $ 12 $ 10 $ 11 12 13 2. If the decision is being made using the Bayes Decision Rule, how many cases of fresh crabs should be purchased? Cases 3. What would be the expected payoff of making this decision? 0 ety ON Remaining Time: 51 minutes, 30 seconds. Question Completion Status: 4. Assume that Sana needs to sell all of the available cases of crabs within a day because she does not have a deep freezer to store them for a longer period. Any remaining cases of crabs left unsold after day-1 can be sold to a competing store at a reduced rate of $50 per case. Complete the following payoff table for decision analysis using the identified alternatives and states of nature. Assume that all states are equally likely to occur. Alternative State of Nature (Cases Sold) Expected Payoff Bought) (Cases 10 11 $ 12 13 10 11 $ 12 $ 13 5. If the decision is being made using the Bayes Decision Rule, how many cases of fresh crabs should be purchased? Cases 6. What would be the expected payoff of making this decision? ditv O
