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Question 1
AAA Furniture is a furniture manufacturer of desks and chairs. Each desk uses 4 units of wood, and each chair uses 3 units of wood. Each desk sold yields a profit of $40, and each chair sold yields a profit of $25. Marketing restrictions require that the number of chair produced be at least twice the number of desks produced. There are 20 units of wood available. Let X1 and X2 be the number of chairs and desks that AAA Furniture produces.
a Develop the linear programming problem in terms of the production function and constraints, in order to maximise AAA Furniture's total profit.
b Use Excel's Solver to solve the above linear programming problem.
Question 5
The International Shipping & Logistics Department of a university needs to decide which of the two magazines, Containerisation International or Lloyd's Shipping Economist, should be used to advertise its new Bachelor of International Logistics program.
a What quantitative method can be applied to help the Department make the decision? Outline how this method can be applied.
b Explain how a qualitative method can also be applied to help the Department make the decision.
You want to know whether the population means are different in the two populations. Conduct an hypothesis test using an alpha of .05 and the critical value method.
Paul has calculated the indifference probability for the lottery having a payoff of $160K with probability p and -$80K with probability (1-p) as follows:
Testing for Population mean - Based on this sample evidence, is Joan's supervisor correct? Use a = .05.
Calculate P value? Calculate critical value?
Use suitable one or two sided test for null hypothesis of no difference in them then changes rating between groups at 0.10 significance level.
What is the 95 percent interval for the population mean?
What is the sample space for this process and evaluate the variance of the intelligence scores
It has been claimed that women live longer than men; however, men tend to be older than their wives. Ages of sixteen husbands and wives from England were obtained. These data should be analyzed with a
Use PHStat to make a box-whisker plot. If PHSTAT has yet to be installed, calculate Xmin, Xmax, Q 1 , Q 3 and median using equation in Class Notes-Quartiles, Percentile & Dectiles.
Statistics is science of conducting studies to: Solve a system of equations.
No estimate of the population proportion is available. How large a sample is required?
What is the probability that the mean price for a sample of 30 service stations is within $.03 of the population mean (to 4 decimals)?
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