Explain exogenous and endogenous constructs
What will be an ideal response?
An exogenous construct is the latent, multi-item equivalent of an independent variable in traditional multivariate analysis. Multiple observed variables or items are used to represent an exogenous construct that acts as an independent variable in the model. An exogenous construct is determined by factors outside of the model, and it cannot be explained by any other construct or variable in the model. Graphically, an exogenous construct does not have any paths (single-headed arrows) coming into it from any other construct or variable in the model; it will only have paths (single-headed arrows) going out of it.
In contrast, an endogenous construct is the latent, multi-item equivalent of a dependent variable. It is determined by constructs or variables within the model and thus it is dependent on other constructs. Graphically, an endogenous construct has one or more paths (single-headed arrows) coming into it from one or more exogenous construct or from other endogenous constructs.
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A buyer for a large sporting goods store chain must place orders for professional footballs with the football manufacturer six months prior to the time the footballs will be sold in the stores. The buyer must decide in November how many footballs to order for sale during the upcoming late summer and fall months. Assume that each football costs the chain $45. Furthermore, assume that each pair can be sold for a retail price of $90. If the footballs are still on the shelves after next Christmas, they can be discounted and sold for $35 each. The probability distribution of consumer demand for these footballs (in hundreds) during the upcoming season has been assessed by the market research specialists and is presented below. Finally, assume that the sporting goods store chain must purchase
the footballs in lots of 100 units. Demand (in hundreds) Probability 4 0.30 5 0.50 6 0.20 (A) What is the payoff if the store orders 400 footballs and quantity demanded is 400 footballs? (B) What is the payoff if the store orders 400 footballs and quantity demanded is 500 footballs? (C) What is the payoff if the store orders 400 footballs and quantity demanded is 600 footballs? ?(D) What is the payoff if the store orders 500 footballs and quantity demanded is 400 footballs? ?(E) What is the payoff if the store orders 500 footballs and quantity demanded is 500 footballs? ?(F) What is the payoff if the store orders 500 footballs and quantity demanded is 600 footballs? ?(G) What is the payoff if the store orders 600 footballs and quantity demanded is 400 footballs? ?(H) What is the payoff if the store orders 600 footballs and quantity demanded is 500 footballs? ?(I) What is the payoff if the store orders 600 footballs and quantity demanded is 600 footballs? What will be an ideal response?