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A manufacturer produces and sells chilled, ready-to-eat pasta salad in round lots of 50 serving units each. These items have a very limited shelf life; therefore, if items are made but not sold, they have no value. Conversely, if demand exceeds supply during the week (regular production runs are made on Friday of each week for sales the following week), an extra production run can be made. The cost per unit for a regular run is $5 per unit, whereas the cost of an extra production run is $7 per unit. All items are sold for $10 per unit regardless of production cost. Historically, demand has been for 50, 100, or 150 units each week, so the company makes one of those run sizes. In the past, the manager of the department has made 100 units per week for regular production.
Prepare a payoff table showing profits for each of the lot sizes.
The lifetime of a light bulb is an Exponential RV with a mean of 800 hours. Let L represent the time (in hours) that one randomly selected light bulb will burn. What is the possibility the light bulb burns for more than 1000 hours.
Find the range and the standard deviation of the times.
Construct a frequency distribution and construct a histogram for the following data and use seven intervals, starting with 30-39.
calculate the mean or expected value for the number of retransmissions and calculate the standard deviation for the number of retransmissions.
Illustrate what does weighting add to usefulness of moving averages and explain how is it done. The yield on a thirty year treasury note at the end of every year since 1990 is recorded below.
Let x be the random variable that denotes the net amount a playr wins by playing this lottery. Write the probablity distribution of x. Determine the mean and standard deviation of x. How will you interpret the values of the mean and standard devia..
Assuming that the variability is unchanged (i.e., σ = 6), is there sufficient evidence to suggest that the strength of the product has increased at the 1% level of significance?
According to the Insurance Institute of America, a family of four spends between $400 and $3800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.
Assuming that these are a random sample of all publicly traded companies, construct a 95% confidence interval for the overall noncompliance proportion.
A soft drink machine outputs a mean of 24 ounces per cup. the machines output is normally distributed with a standard deviation of 2 ounces. what is the probability of filling a cup between 21 and 26 ounces.
A customer wants delivery to be ensured between 10 am and 2 pm. Your truck leaves the factory at 4 am and time taken to reach the customer is normally distributed with an average of 8 hrs and a standard deviation of 1 hr.
Use simple exponential smoothing with α = 0.33 to forecast battery sales for February through May. Assume that the forecast for January was for 22 set of tires.
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