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You want to sell your old laptop to the highest bidder. Each day, you will receive one of the three types of offers: low, medium,

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You want to sell your old laptop to the highest bidder. Each day, you will receive one of the three types of offers: low, medium, and high. A low offer will be 1500 TL with a probability of 0.30, a medium offer will be 2000 TL with a probability of 0.50, and a high offer will be 2500 TL with a probability of 0.20. You can collect bids at most 3 consecutive days. Each day, you decide whether to accept the last offer made or to reject it. (A rejected offer will not be available later on) a) Define the stages, decision variables, and states explicitly. b) Define an appropriate DP recursion and boundary conditions. c) Determine your optimal policy and expected earnings if you follow the optimal policy. Show all your calculations. You want to sell your old laptop to the highest bidder. Each day, you will receive one of the three types of offers: low, medium, and high. A low offer will be 1500 TL with a probability of 0.30, a medium offer will be 2000 TL with a probability of 0.50, and a high offer will be 2500 TL with a probability of 0.20. You can collect bids at most 3 consecutive days. Each day, you decide whether to accept the last offer made or to reject it. (A rejected offer will not be available later on) a) Define the stages, decision variables, and states explicitly. b) Define an appropriate DP recursion and boundary conditions. c) Determine your optimal policy and expected earnings if you follow the optimal policy. Show all your calculations

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