Part 1 of 3 - Part 1

This part of the question is based on the information from Problems 3-18 and 3-19 in the textbook.

Question 1 of 9 10.0 Points

If Bob would want to base his decision on the Maximin criterion, then which equipment would he choose?

A. Sub 100

B. Oiler J

C. Texan

D. The same as his brother Ken's choice

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Question 2 of 9 10.0 Points

Based on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Sub 100 is . (Please round to a whole dollar.)

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Question 3 of 9 10.0 Points

Based on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Oiler J is . (Please round to a whole dollar.)

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Question 4 of 9 10.0 Points

If Ken would want to maximize the Expected Monetary Value (EMV), then he should choose __________.

A. Sub 100

B. Oiler J

C. Texan

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Question 5 of 9 10.0 Points

If Ken believes that Sub 100 cannot get $300,000 even in a favorable market, then this figure needs to be at least less for Ken to change his decision. (Please round to a whole dollar.)

Hint: You may want to use the What-If-Analysis Goal Seek Tool in Excel as described in Week 1 PPP Slides (1-30).

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Part 2 of 3 - Part 2

This part of the question is based on the information from Problem 3-26 in the textbook.

Question 6 of 9 10.0 Points

The Expected Monetary Value (EMV) of producing 6 cases of cheese spread is . (Please round to a whole dollar.)

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Question 7 of 9 10.0 Points

The Expected Monetary Value (EMV) of producing 9 cases of cheese spread is . (Please round to a whole dollar.)

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Question 8 of 9 10.0 Points

John should manufacture _________ cases of cheese spread.

A. 6

B. 7

C. 8

D. 9

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Part 3 of 3 - Part 3

This part of the question is based on the information from Problem 3-34 in the textbook.

Question 9 of 9 20.0 Points

Construct a decision tree by fill-in the blanks below in reference to the following chart.

The decision choice at Decision 1 is and that at Decision 2 is Event 1 is and Event 2 is .

The probability for Prob1 is and that for Prob2 is .

Payoff 1 is and Payoff 2 is .

EMV 1 is and EMV 2 is .

This part of the question is based on the information from Problems 3-18 and 3-19 in the textbook.

Question 1 of 9 10.0 Points

If Bob would want to base his decision on the Maximin criterion, then which equipment would he choose?

A. Sub 100

B. Oiler J

C. Texan

D. The same as his brother Ken's choice

Reset Selection

Mark for Review What's This?

Question 2 of 9 10.0 Points

Based on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Sub 100 is . (Please round to a whole dollar.)

Mark for Review What's This?

Question 3 of 9 10.0 Points

Based on the information given in Problem 3-19 and the Table of Problem 3-17, the Expected Monetary Value (EMV) of Oiler J is . (Please round to a whole dollar.)

Mark for Review What's This?

Question 4 of 9 10.0 Points

If Ken would want to maximize the Expected Monetary Value (EMV), then he should choose __________.

A. Sub 100

B. Oiler J

C. Texan

Reset Selection

Mark for Review What's This?

Question 5 of 9 10.0 Points

If Ken believes that Sub 100 cannot get $300,000 even in a favorable market, then this figure needs to be at least less for Ken to change his decision. (Please round to a whole dollar.)

Hint: You may want to use the What-If-Analysis Goal Seek Tool in Excel as described in Week 1 PPP Slides (1-30).

Mark for Review What's This?

Part 2 of 3 - Part 2

This part of the question is based on the information from Problem 3-26 in the textbook.

Question 6 of 9 10.0 Points

The Expected Monetary Value (EMV) of producing 6 cases of cheese spread is . (Please round to a whole dollar.)

Mark for Review What's This?

Question 7 of 9 10.0 Points

The Expected Monetary Value (EMV) of producing 9 cases of cheese spread is . (Please round to a whole dollar.)

Mark for Review What's This?

Question 8 of 9 10.0 Points

John should manufacture _________ cases of cheese spread.

A. 6

B. 7

C. 8

D. 9

Reset Selection

Mark for Review What's This?

Part 3 of 3 - Part 3

This part of the question is based on the information from Problem 3-34 in the textbook.

Question 9 of 9 20.0 Points

Construct a decision tree by fill-in the blanks below in reference to the following chart.

The decision choice at Decision 1 is and that at Decision 2 is Event 1 is and Event 2 is .

The probability for Prob1 is and that for Prob2 is .

Payoff 1 is and Payoff 2 is .

EMV 1 is and EMV 2 is .

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