Determine how to minimize bus company-s costs

Assignment Help Basic Statistics
Reference no: EM13120413

A bus company believes that it will need the following numbers of bus drivers during each of the next 5 years:

60 drivers in year 1; 70 drivers in year 2; 50 drivers in year 3; 65 drivers in year 4; 75 drivers in year 5. At the beginning of each year, the bus company must decide how many drivers to hire or fire. It costs $4000 to hire a driver and $2000 to fire a driver. A driver's salary is $10,000 per year. At the beginning of year 1 the company has 50 drivers. A driver hired at the beginning of a year can be used to meet the current year's requirements and is paid full salary for the current year.

a. Determine how to minimize the bus company's salary, hiring, and firing costs over the next 5 years.

Reference no: EM13120413

Questions Cloud

Evaluate the importance of sums of squares : Evaluate the importance of each of these sums of squares. Give the 99% Scheffe confidence intervals for the linear and quadratic contrasts.
Blairs common stock : On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Find what is the probability that the nut fits the bolt : What is the probability that the nut fits the bolt? (Note: the sample space consists of all pairs of nuts and bolts, and each pair is equally likely to be chosen.)
What mixing proportion is required for lime stone : what mixing proportion is required for lime stone with 91% CaCO3, and clay with 31% CaCO3 to get a raw mix with a CaCO3 content of 76%.
Determine how to minimize bus company-s costs : A driver hired at the beginning of a year can be used to meet the current year's requirements and is paid full salary for the current year.
Calculate the net sales : Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
What is the volume of a gas : What is the volume of a gas at T=35.0C and P=675 torr if the same sample occupied 42.6L at T=-27.3C and P=1.000 atm.
Effective interest method : If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2009?
Calculate the payback period for the proposed investment : Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..

Reviews

Write a Review

 

Basic Statistics Questions & Answers

  Hypothesis testing-proportion of tax payers

It has been reported that 80% of taxpayers who are audited by the Internal Revenue Service end up paying more money in taxes. Assume that auditors are randomly assigned to cases, and that one of the ways the IRS oversees its auditors is to monitor..

  Determine the p-value of the test statistic

Let p represent the population proportion of all numbers in the corporate file that have a first nonzero digit of 1. Test the claim that p is less than 0.301 by using What is the P-value of the test statistic?

  Question regarding selling price

Larry Jacava is considering producing a novelty item for golfers that will be sold through pro shops. Larry has decided on a selling price of $3.50 for the item. The item's variable cost of production is $2.00 per unit with a fixed cost of $3,750.

  Linear correlation coefficient among two variable

Bill calculates a linear correlation coefficient between two variable as 1.20. How would you interpret this?

  Mttf and standard deviation

Failure times for a randomly failing component are 3.3, 14.3, 27.1, 41.3, and 92.2 hours. Find the MTTF and standard deviation using: a) moment estimation. b) maximum likelihood estimation.

  Drivers in the sample regularly wear a seatbelt

Between 180 and 230 (inclusive) of the drivers in the sample regularly wear a seatbelt? Hint: Use the BINOMDIST function in Excel.

  Estimate z-score and raw score using normal distribution

Compute the score based on their appropriate class means and standard deviations:

  General public through publication and media coverage

Imagine that these results are disseminated to the general public through publication and media coverage. Write about one possible harmful consequence that these conclusions could have in the "everyday" world.

  Statistical quality control-r-chart-xbar-chart

The Awake Coffee Company produces gourmet instant coffee. The company wants to be sure that the average fill of coffee containers is 12.0 ounces.

  Understand the height of a california redwood tree

Any person who is familiar with these trees understand the height of a California redwood tree which is related to another characteristics of the tree.

  Significantly higher proportion of satisfied customer

At the 5% level of significance, can we infer that branch A has a significantly higher proportion of satisfied customers than branch B?

  Determining percent of values using chebyshev-s theorem

Use Chebyshev's theorem to determine what percent of values will fall between 58 and 82 for data set with mean of 70 and standard deviation of 4.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd