Question: dear experts this is operation research lecture homework from mechanical engineering 4. Gambler's Game: A gambler plays a game that requires dividing bet money among

dear experts this is operation research lecture

dear experts this is operation research lecture homework from mechanical engineering

4. Gambler's Game: A gambler plays a game that requires dividing bet money among 4 choices. The game has three outcomes. The following table gives the corresponding gain or loss per dollar for different options of the game. Return/s in given choice outcome 2 1 3 4 -3 4 -7 15 2 5 9 4 3 3 -8 10 The gambler has a total of $500, which may be played only once. The exact outcome of the game is not known a priori. Because of this uncertainty, the gambler's strategy is to maximize the minimum return produced by the three outcomes. Formulate an LP that will maximize the minimum return of the gambler. Also define your decision variables. Finally, solve the LP using LINDO (attach a printout of the LINDO output)

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