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Hello sir,
Sir I understand the calculation of E.V of perfect and Imperfect information, I can solve questions but my concept is not clear yet, I asked everyone but no one knows exactly that what it is, I mean we use the same probability and choosing decision, the same information how? I cant understand it in real.life scenario, can you guide me please?
Thank youQ2.. sir this relate to linear programming,,
I cant understand these two lines kindly explain it,
1) if the aim is to manimise costs, the solution is where the total cost line touching the feasible area at a tangent is as close to.the origin as possible.
2) if the aim is to.maximise profit, the solution is where the total contribution line touching the feasible area at a tangent is as far away from the origin as possible,
Thank youIn future you must ask in the Ask the Tutor forum if you want me to answer – this forum is for students to help each other.
Also, please do not ask about different topics in the same thread – start a new thread for each topic (the reason is that our answers are for all students to benefit from – we do not give personal tuition – and many use the search box on the page to look for answers on individual topics).With regard to your first question, I explain both perfect and imperfect information (with examples in my free lectures). The whole point is that if you do have perfect information then you know it before making the decision, so depending on the information you receive you can then make the best decision because there is no more uncertainty. The same applies with imperfect information except for the fact that there does still remain uncertainty when you come to make the decision, but less uncertainty than if you did not have the information.
Do watch my free lectures. The lectures are a complete free course for Paper F5 and cover everything needed to be able to pass the exam well.
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