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A knife maker must decide each week how many chef knives to make during the week to sell at the Saturday's farmer's market.Each knife can be sold for...
A knife maker must decide each week how many chef knives to make during the week to sell at the Saturday’s farmer’s market.Each knife can be sold for 250$.He prefers to not store more than 5 chef knives at his shop at any point in time.Each week, there is a 50% chance one customer wants to buy a chef knife, a 20% chance he sees a demand of 2 chef knives, 15% chance he sees a demand of 3 chef knives, and 15% chance no customers are interested in buying knives.If he has no knives with him when a customer comes on Saturday,the customer leaves without buying a knife.On those weeks that he chooses to make knives,the knife maker must set up special equipment that costs 300$ per week to run.In addition,it costs him 100$ to make each knife.Knives not sold at the end of the year can be sold one-bay for 50$. Formulate this problem as a Markov decision process, in which the objective is to maximize the total expected income over the next 2 weeks (assuming there are only 2 weeks left this year).Clearly indicate the 5 basic components of this MDP.
