Question: In the assignment for this week, please complete the following two (multipart) problems: 1) Suppose you are an onion grower who can set up shop

In the assignment for this week, please complete

In the assignment for this week, please complete the following two (multipart) problems: 1) Suppose you are an onion grower who can set up shop in the city or at the vegetable market close to your fields. Your daily supply of onions is 20 pounds. If you sell in the city your demand will be either 5, 15, or 25 pounds of onions. However, if you sell at the market, your demand will be either 0,10, or 20 pounds of onions. Assume onions cost $2 a pound, and sell for $5 a pound. Remember that there is no return credit or benefit for any onions unsold at the end of the day. You can't sell them tomorrow because they will rot in the morning dew. To decide what you should do, draw a decision tree and explain what will offer the maximum payoff for your decision. Assume the probability of weak sales is.3, the probability of average sales is.5, and the probability of strong sales is 2. 2) Using the following payoff table: State of Nature Decision s1 s2 s3 d1 10 8 6 d2 14 15 2 d3 7 8 9 Please answer the following questions: 1. What decision should be made by the optimistic decision maker? 2. What decision should be made by the conservative decision maker? 3. What decision should be made under minimax regret? 4.1, s2, and s3 are.2.4, and.4, respectively, then what decision should be made under expected value? 5. What is the EVPI

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