While watching television, Kyle saw a commercial for a product that was "made in Taiwan." He immediately dismissed the product b
1 answer:
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The unemployment rate in this population is 12%
First of all we have to find the total labour force in this country
Children less than 18 + people in the military + people in jail + retirees + marginally attached workers + full time students
= 50million + 15million + 30 million + 10 million + 30 million + 20
= 155 million
Labor force = 280million - 155 million
= 125 million
In this population those working full time and part time are the number of those that are employed.
= 30 million + 80 million
= 110 million
The unemployed = 125 million - 110 million
= 15million
The unemployment rate =
= 0.12
The unemployment rate = 12%
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Answer:
a. Maximin = 19.0
b. Minimax = 17.6
c. Hurwicz ( 0.40) = Taiwan
d. Equal likelihood = Taiwan
Explanation:
Remember, we are told to: Note that since the payoff is cost, the maximax criteria becomes minimax and maximin becomes minimax
a) Maximin: Since the payoff is cost, we begin by determining the maximum cost for each alternative and then selecting the one which gives the minimum of these maximums. (minimax)
b) Minimax: Since the payoff is cost, we begin by determining the minimum cost for each alternative and then selecting the one which gives the maximum of these minimums. (maximin).
c) Hurwicz (0.40): In this method, we add and multiply each payoff value by alpha (0.4).
South Korea = 15.2 (0.4) + 21.7 (0.6) = 19.1 ( remember, in $ millions)
China = 17.6 (0.4) + 19.0 (0.6) = 18.44
Taiwan = 14.9 (0.4) + 19.2 (0.6) = 17.48
Poland = 13.8 (0.4) + 22.5 (0.6) = 19.02
Mexico = 12.5 (0.4) + 25.0 (0.6) = 20
From the values above we select the minimum outcome since the company is looking at saving cost. Which is Taiwan; having the lowest cost of $17.48 million.
d) Using the formula where P = payoffs value, n = number of events.
South Korea = 15.2 + 21.7 + 19.1 /3 = 18.66
China = 17.6 + 19.0 + 18.5 /3 = 18.36
Taiwan = 14.9 + 19.2 +17.1 /3 = 17.06
Poland = 13.8 + 22.5 + 16.8 /3 = 17.7
Mexico = 12.5 + 25.0 + 21.2 /3 = 19.56
Taiwan should be selected since it has the lowest cost of $17.06 million.