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(Solved by Expert Tutors)We use PHStat - do not need the formula detailed out - I need help underst


We use PHStat - do not need the formula detailed out - I need help understanding how to populate the tables.

The Islander Fishing Company purchases clams for$1.50 per pound from fishermen and sells them to various restaurants for $2.50 per pound. Any clams not sold to the restaurants by the end of the week can be sold to a local soup company for $0.50 per pound. The company can purchase 500, 1,000, or 2,000 pounds. The probabilities of various levels of demand are as follows:

Demand (Pounds) Probability

500 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?0.2

1,000 ? ? ? ? ? ? ? ? ? ? ? ? ? 0.4

2,000 ? ? ? ? ? ? ? ? ? ? ? ? ? 0.4

Construct a Payoff Table, an Opportunity Loss Table an Expected Monetary Value Table, and the Expected Value of Perfect Information calculations and answer. Probabilities are .2, .4, & .4. Use the setup below.

Payoff Table:?

500 1000 2000 500 ? ? ? 1000 ? ? ? 2000 ? ?


Hint: Some payoffs will be the difference between cost of clams and clams sold to the restaurants; other payoffs will be the difference between the cost of clams and both clams sold to the restaurants AND clams left over that can be sold to the soup kitchen.

 


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DATE ANSWERED

Apr 19, 2020

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