Math Problem Statement
Tutorial for final exam (1).pdf
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Solution
The document contains a series of mathematical and operational research problems. Here's an outline of the tasks required for each question:
Question 1:
- Expected Monetary Value (EMV): Calculate the EMV for Corporate Bonds, Equity Shares, and Certificates of Deposit using probabilities for favorable (0.70) and unfavorable (0.30) economies.
- Expected Opportunity Loss (EOL): Compute EOL and determine the best investment choice.
- Bayes’ Theorem: Determine probabilities for favorable and unfavorable economies using survey results.
Question 2:
- Linear Programming Model: Formulate a model with constraints related to machine hours for three brands (TXT, BLP, YRF).
- Optimal Solution: Solve to maximize profit and interpret slack/dual values.
Question 3:
- Minimizing Cost: Develop an LP model to minimize the cost of supplements (Memo+ and Omega) under nutrient constraints.
- Optimal Solution: Solve for minimum cost and interpret surplus values. Discuss impact of price changes.
Question 4:
- Binary Integer Programming: Formulate a model for product selection based on man-hour constraints.
- Optimal Product Mix: Determine the best combination of products to maximize profit, with additional constraints.
Question 5:
- Goal Programming: Formulate a goal programming model considering constraints on profit, cost, sales, and operation time.
- Solution Analysis: Identify which goals are fully met and analyze constraints.
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Math Problem Analysis
Mathematical Concepts
Expected Monetary Value (EMV)
Expected Opportunity Loss (EOL)
Bayes’ Theorem
Linear Programming (LP)
Binary Integer Programming
Goal Programming
Formulas
EMV = Σ (Probability × Outcome)
EOL = Σ (Regret × Probability)
Bayes’ Theorem: P(H|E) = [P(E|H) * P(H)] / P(E)
LP Objective Function: Maximize/Minimize Z = Σ (Profit/Cost × Variables)
Constraints in LP/Goal Programming
Theorems
Bayes’ Theorem
Fundamental Theorem of Linear Programming
Suitable Grade Level
University/Advanced Undergraduate
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