ECON 3020: Final Exam
Due: Tuesday, December 15, 2015 at 10:30am.
Use additional sheets of paper or a blue book to answer the following
questions and turn in your own work. You now have the skills to analyze
more interesting economic phenomena and this ex
Data
repair bill per claim
mean
std_dev
$1,700
$400
number of repair claims filed per week
number
1
2
probability
0.05
0.06
prob of receiving a totaled claim
value
1
probability
0.2
3
0.1
4
0.17
5
0.28
6
0.14
7
0.08
8
0.07
9
0.05
0
0.8
value of a totaled
Instructions
Problem (Ray Clark Sub Shoppe)
12-22 (12-21 in 6th ed., 12-20 in 5th ed., 12-17 in 4th ed.)
Suppose that sales are normally (not uniformly) distributed with mean $110,000 and standard
deviation $9,500. (Ignore the 90,000 and 120,000 range sta
Ragsdale Case 14.1 x
Grading Rubric
Bayes
Nodes
Labels
$Values
Prob
EVSI
b) & c) EMV value & decision
d) Pcfw_favorable breakpoint
e) Harvest Cost breakpoint
f) Alternatives
Payoff Table
Best case value & decision
Worst case value & decision
g) Other alte
Ragsdale Case 14.1
Hang on or Give Up?
Grading Rubric
a) Tree
Timing
Nodes
Labels
$Values
Prob
b) & c) EMV value & decision
d) Pcfw_favorable breakpoint
e) Product Cost breakpoint
f) Alternatives
Payoff Table
Best case value & decision
Worst case value &
You manage the Farmer Bob grocery chain. Each week, you receive a large shipment of
bananas that is sent directly from the growers. The time it takes for the bananas to reach
your distribution facility varies from shipment to shipment it may take as littl
1) (22 points) The NBS television network is considering whether or not to
produce a new reality show The Surreal Bachelorette Nanny Swap for the
summer replacement season. The cost of production is estimated to be $400,000.
The NBS executives estimate th
1) (22 points) The NBS television network is considering whether or not to produce a
new reality show The Surreal Bachelorette Nanny Swap for the summer
replacement season. The cost of production is estimated to be $400,000. The NBS
executives estimate th
A
1
Cereal Mix
Problem
B
C
D
E
F
G
H
I
J
K
Oats to Corn Ratio
2
2
3 Input data
Contents per pound
4
Grain Fiber (g)
Carbs (g)
Fat (g)
Sodium (g)
Cost/lb
Available (lbs) Purchased
5
Corn
14
400
60
50
$0.65
3000
2000
Oats
15
320
50
30
$0.95
5000
4000
6
7
Wh
(35 points) Forrest Gump & Son, makers of fine boxed chocolates, has 35 assembly line workers
responsible for inspecting and boxing chocolates. Each worker is capable of handling 2.4 tons of
chocolates per week. Unfortunately, this is not enough capacity
(35 points) Forrest Gump & Son, makers of fine boxed chocolates, has 35 assembly line workers
responsible for inspecting and boxing chocolates. Each worker is capable of handling 2.4 tons of
chocolates per week. Unfortunately, this is not enough capacity
The Peter Planter Peanut (3P) Co. has on hand 550 pounds of peanuts, 150 pounds of
cashews, 100 pounds of almonds, and 75 pounds of walnuts. It packages and sells 1-pound
cans of the following varieties of mixed nuts at the indicated prices:
Snacker mix
The Peter Planter Peanut (3P) Co. has on hand 550 pounds of peanuts, 150 pounds of
cashews, 100 pounds of almonds, and 75 pounds of walnuts. It packages and sells 1-pound
cans of the following varieties of mixed nuts at the indicated prices:
Snacker mix
Problem: (30 points) Due to the NBA lockout, Toledo is creating a professional
mens basketball team, The Toledo Strike Busters. Coach Jim Shortes is trying to
choose a starting lineup of five (5) players from a pool of nine (9) players, each with
the capa
Problem: (30 points) Due to the NBA lockout, Toledo is creating a professional
mens basketball team, The Toledo Strike Busters. Coach Jim Shortes is trying to
choose a starting lineup of five (5) players from a pool of nine (9) players, each
with the capa
Quiz 002 LP Introduction: OR/MS Summer 2014
https:/bgsu.instructure.com/courses/915936/quizzes/1046166
Quiz 002 LP Introduction
Due May 29, 2014 at 6pm
Time Limit 10 Minutes
Points 10
Attempt History
Questions 4
Available May 27, 2014 at 9:15pm - May 29,
Quiz 004 Decision Trees: OR/MS Summer 2014
https:/bgsu.instructure.com/courses/915936/quizzes/1046168
Quiz 004 Decision Trees
Due Jun 19, 2014 at 6pm
Points 10
Questions 4
Attempt History
Available after Jun 17, 2014 at 9:15pm
Time Limit 10 Minutes
Attemp
Quiz 005 Sim: OR/MS Summer 2014
https:/bgsu.instructure.com/courses/915936/quizzes/1046170
Quiz 005 Sim
Due Jun 26, 2014 at 6pm
Points 10
Questions 5
Attempt History
Available after Jun 24, 2014 at 9:25pm
Time Limit 10 Minutes
Attempt
LATEST
Time
Score
At
Quiz 003 Integer Programming: OR/MS Summer 2014
https:/bgsu.instructure.com/courses/915936/quizzes/1046165
Quiz 003 Integer Programming
Due Jun 5, 2014 at 6pm
Points 10
Questions 5
Available after Jun 4, 2014 at 10am
Time Limit 10 Minutes
Instructions
The
Quiz 001 INFORMS video: OR/MS Summer 2014
https:/bgsu.instructure.com/courses/915936/quizzes/1043290
Quiz 001 INFORMS video
Due May 22, 2014 at 6pm
Points 10
Questions 5
Available after May 20, 2014 at 12pm
Time Limit None
Instructions
Watch the INFORMS v