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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c_1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t_1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c_2, where c_2 > c_1. In the second leg, which takes t_2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t_1 + t_2. The daily demand for this item during the cruise follows a normal distribution with a mean of mu and a standard deviation of sigma. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y_1 and y_2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner's expected cost.
To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Describe how economic theories and principles help you think about economic behavior..
The Dominick's supermarket chain sells Nut Flakes, a popular cereal manufactured by the Tastee cereal company. Demand for Nut Flakes is 1.000 boxes per week. Dominick's uses an interest rate of 25 percent per year for holding cost and incurs a fixed ..
part a a brawl in mickeys backyardread the discussion case a brawl in mickeys backyard question 1 in a chart diagram or
The optimal number of traffic deaths in the United States is zero." "Any pollution is too much pollution." "We cannot pull U.S. troops out of Afghanistan. We have committed so much already."
In a town of 120,000 potential "football fans," the football team draws the following attendees per game, at the various prices shown: If the team can charge ANY prices it wants (including different prices to men and women), what price(s) should it c..
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 150 items per hour. What if you assign t..
the monopoly will experience a loss the monopoly will earn a profit the monopoly will earn zero profit consumers will be worse off than they would be if the firm's profit maximization activities were unregulated
Illustrate fiscal policy action might increase investment and speed economic growth.
What is the difference between the rate of return between dollar and euro deposits? Is the prevailing exchange rate at an equilibrium level?
Describe the impact of a payroll tax on wages and employment in a competitive industry. Why is part of the tax shifted to workers? What is the deadweight loss of the payroll tax?
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
Suppose El Centro California decides to tackle the problem of nitrates in the water. Nitrates are compounds derived from synthetic fertilizers that are not assimilated by plants and leached out into the underground water and affect the human health. ..
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