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2 A manufacturer makes a product, of which the principal ingredient is a chemical, X. moment, the manufacture spends Rs 1000 per year on supply of X, but there is possibility price may soon increase to four times its present figure because of a worldwide shortage chemical. There is another Chemical Y, which the manufacturer could use in conjunctie third chemical, Z in order to give the same effect as Chemical X. Chemical Y and Z would t cost the manufacturer Rs 5000 per year, but their prices are unlikely to rise. What action the manufacturer take? Apply the maximax and minimax regret criteria to give two sets of se If the coefficient of optimism is 0.5, find the course of action that minimizes cost.

2 A manufacturer makes a product, of which the principal ingredient is a chemical, X. moment, the manufacture spends Rs 1000 per year on supply of X, but there is possibility price may soon increase to four times its present figure because of a worldwide shortage chemical. There is another Chemical Y, which the manufacturer could use in conjunctie third chemical, Z in order to give the same effect as Chemical X. Chemical Y and Z would t cost the manufacturer Rs 5000 per year, but their prices are unlikely to rise. What action the manufacturer take? Apply the maximax and minimax regret criteria to give two sets of se If the coefficient of optimism is 0.5, find the course of action that minimizes cost.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 91E
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2 A manufacturer makes a product, of which the principal ingredient is a chemical, X. At the moment, the manufacture spends Rs 1000 per year on supply of X, but there is possibility that the price may soon increase to four times its present figure because of a worldwide shortage of the chemical. There is another Chemical Y, which the manufacturer could use in conjunction with third chemical, Z in order to give the same effect as Chemical X. ChemicalY and Z would together cost the manufacturer Rs 5000 per year, but their prices are unlikely to rise. What action should the manufacturer take? Apply the maximax and minimax regret criteria to give two sets of solution. If the coefficient of optimism is 0.5, find the course of action that minimizes cost.
Transcribed Image Text:2 A manufacturer makes a product, of which the principal ingredient is a chemical, X. At the moment, the manufacture spends Rs 1000 per year on supply of X, but there is possibility that the price may soon increase to four times its present figure because of a worldwide shortage of the chemical. There is another Chemical Y, which the manufacturer could use in conjunction with third chemical, Z in order to give the same effect as Chemical X. ChemicalY and Z would together cost the manufacturer Rs 5000 per year, but their prices are unlikely to rise. What action should the manufacturer take? Apply the maximax and minimax regret criteria to give two sets of solution. If the coefficient of optimism is 0.5, find the course of action that minimizes cost.
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