choosing the alternative with the "best of the best" is the approach called: A) maximax B) maximin C) Laplace D) minimax regret E) expected monetary value Answer: A Page Ref: 323 Topic: Decision Making Under Uncertainty Difficulty: Moderate 2) Determining the worst payoff for each alternative and choosing the alternative with the "best of the worst" is the approach called: A) maximax B) maximin C) Laplace D) minimax regret E) expected monetary value Answer: B Page Ref: 323 Topic: Decision Making
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Alternative | Low | High | Do nothing | $50* | $60* | Expand | 20 | 80 | Subcontract | 40 | 70 | *Profit in $ thousands. a. Maximax- Determine the best possible payoff‚ and choose the alternative with that payoff. The best payoff. Do Nothing – 60‚000 | Expand – 80‚000 | Subcontract – 70‚000 | Expanding would be the most beneficial. b. Maximin- - Determine the worst possible payoff of each alternative‚ and choose the alternative that has the “best worst”. Do Nothing – 50‚000
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1. Which of the following would most likely cause equilibrium quantity and price of x to rise? (a) a fall in income when the income elasticity of demand for x is positive Wrong. This will cause a drop in demand and thus a fall in quantity. (b) a fall in the price of complementary product y Correct. A fall in a complementary product will cause a rise in demand for that product “y” and thus a rise in demand of product “x” (see graph). (c) a fall in the price of substitute product Z Wrong
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Rocky Gagnon‚ General Contractor Rocky Gagnon is a 50-year old journeyman carpenter‚ laborer‚ and craftsman. Over the past 30 years‚ Rocky has worked in almost every job and phase of the house building process. Rocky is getting older and his back is getting sore. He loves the construction business and feels that now is the time for him to start working more with his mind than his back. Rocky wants to become a general contractor. Some general contractors have their own facilities‚ equipment
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Construction of New Food Court This Report is in Partial Fulfilment of the Course Assessment for MGMT2012 Quantitative Methods. The University of the West Indies‚ St. Augustine Campus Submitted to Dr. Shelly-ann Wilson‚ Course Lecturer Dated November 21st‚ 2014 Construction New of Food Court This Report is in Partial Fulfilment of the Course Assessment for MGMT2012 Quantitative Methods. The University of the West Indies‚ St. Augustine Campus Submitted to Dr. Shelly-ann Wilson‚ Course
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DEPRESSION CASE STUDIES 1. Which one of these case studies would you suspect to be most likely suffering from depression? Case Study 3 2. What information in the case study might lead you to this conclusion? Theo has been down for quite some time and is stuck in that place. He doesn’t seem to be getting sufficient help or support from the people in around him to be able to turn his life around. Theo doesn’t want to burden his friends or his family with his problems and feelings‚ and therefore have
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Who are the real racists: teachers who treat black and white children equally‚ or Lefties who complain about it? In the 1970s and 1980s‚ Britain was a pretty racist place. Black children were constantly held back in the school system‚ the police stopped young black men for no reason and white gangs would terrorise black families. While Britain has come a long way from those days‚ racism is still alive and kicking. As I alluded to in my speech at last year’s Conservative Party conference‚ black children
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------------------------------------------------- Chapter 5—Job Order Costing MULTIPLE CHOICE 1. Which of the following organizations would be most likely to use a job-order costing system? a. | the loan department of a bank | b. | the check clearing department of a bank | c. | a manufacturer of processed cheese food | d. | a manufacturer of video cassette tapes | ANS: A PTS: 1 DIF: Moderate OBJ: 5-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional
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the maximax decision? Decision Alternatives | Market (‘000) | Maximax decision shall be the maximum value of a row/decision alternatives | Maximax Decision Alternative | | Good | Fair | Poor | | | Small | 50 | 20 | –10 | | 50 | Medium | 80 | 30 | –20 | | 80 | Large | 100 | 30 | –40 | | 100 | Very Large | 300 | 25 | –160 | | 300 | If maximax decision is to be chosen: The decision shall be to open VERY LARGE gasoline station. (c) What is the maximin decision
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When comparing species’ intellects‚ what problems are likely to be encountered and how should they be avoided? There are 2 main theories for the comparison of animal intelligence: A phylogenetic based approach: since the time of aritotle people have tried to organise the animal kingdom into a sequence of intelligence or “scala naturae” great chain of being. What has now become known as the phylogenetic scale of intelligence is based upon Darwins theory of evolution as laid out in his on the
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