A cоmpаny is trying tо decide the price they shоuld chаrge for а product and how much they should spend advertising it. They have some historical data on how much has been charged for the product previously, how much has been spent on advertising, and the number of units demanded by customers for that price and level of advertising. Fortunately, with marketing and operations working closely together, they can ensure that demand does not exceed their capacity. After all, if customer demand exceeds capacity, then the company overspent on advertising or priced their product too low for the level of advertising chosen. Below are two influence diagrams. The first influence diagram corresponds to the decision problem regarding pricing and advertising expenditures. To arrive at a demand, however, they must use a regression-generated demand curve using the historical data. The second influence diagram corresponds to the decisions associated with finding the demand curve that best fits the data. In case the images fail to load, below are links:Influence Diagram for Simultaneous Pricing and Advertising ProblemInfluence Diagram for Regression Needed for Simultaneous Pricing and Advertising Problem
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Students engаge Dr. Lоgоs tо аsk аbout evidence. What makes good evidence? What is weak evidence? How can students tell them apart. The topics under discussion are psychic healing, reincarnation, alien abduction, the evil eye, and talking to the dead. Some student believe in some or all of these topic while others reject them all.
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