Is there a short cut to get the answer to this one. I am no good at word problems but I got the first part.
The payoff matrix is
Economy Fate
Up Down
Deluxe 4 -1
Standard 2 2
Economy 1 5
Here is the problem:
A store is about to order deluxe, standard and economy grade DVD players for next year's inventory. The state of the nation's economy (fate) during the year will be a factor on sales for that year. Records over the past 5 years show that if the economy grade models" if the economy is down, the company will net - 1, 2, and 5 million dollars, respectively, on sales of deluxe, standard and economy grade models.
Find the optimal strategies for both the company and fate (the economy). What is the value of the game?
Find P*, the optimal strategy for the row player, the department store.
P*=[? ? ?]
How should the company's budget be allocated to each grade of DVD player to maximize their return irrespective of what the economy does the following year?
I have quite a few problems like this, a step by step would be extremely helpful!!
Thank you!
The payoff matrix is
Economy Fate
Up Down
Deluxe 4 -1
Standard 2 2
Economy 1 5
Here is the problem:
A store is about to order deluxe, standard and economy grade DVD players for next year's inventory. The state of the nation's economy (fate) during the year will be a factor on sales for that year. Records over the past 5 years show that if the economy grade models" if the economy is down, the company will net - 1, 2, and 5 million dollars, respectively, on sales of deluxe, standard and economy grade models.
Find the optimal strategies for both the company and fate (the economy). What is the value of the game?
Find P*, the optimal strategy for the row player, the department store.
P*=[? ? ?]
How should the company's budget be allocated to each grade of DVD player to maximize their return irrespective of what the economy does the following year?
I have quite a few problems like this, a step by step would be extremely helpful!!
Thank you!