Comments

  1. avatar says

    Sir, for the par b (i) Expected values, why are we taking the profit of the the contract as well and multiplying it by a probability which is for the demand only?

  2. avatar says

    Hello Prof Moffat,

    i have a bit trouble understanding when we were calculating the expected value, for example, contract 300, if we are sure of this 300 units, why we calculated by 2900*0.2, rather 900+2000*0.2, since it’s the 400 units that are uncertain.

    Thanks!

    • avatar says

      just saw the below comment, and did a quick cal for

      method in the video : 2900*0.2 +3400*0.3+4400*0.4+5400*0.1 = 4000

      however, 400*5*0.2 + 500*5*0.3+700*5*0.4+900*5*0.1 +300*3 = 3900

      get more confused……

      • avatar says

        Figured out the problem. it was the math in the video that got a problem. should be 3900. Thanks for the nice lecture!

  3. Avatar of eniola03 says

    Hello John,Thank you very much for your video

    It is really helpful but I want to verify on what you said about the possible profit.,you said we shouldn’t calculate all the profit in the exam as it might take our time in the exam. but what if the marks are allocated according to all the possible profit calculated or It doesn’t matter and Like how many do you think we should calculate in the exam?

    • Avatar of John Moffat says

      You misunderstood me :-)

      You should calculate all possible profits. What I said was that since the same arithmetic keeps repeating, there is no need to spend time showing the workings for all of them (if you can calculate them straight on your calculator).
      Show workings for a few of them (to prove you know what you are doing) but you don’t need to show the workings for all to them (unless you need workings for your own benefit).

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