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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.
A: Prepare a payoff table showing profits for each of the lot sizes.
B: If probability of demand for 50 units is .40, probability of demand of 100 units is .50, and probability of demand for 150 units is .10, what lot size would you recommend if the goal is to maximize expected profit?
Suppose among 312 large city residents sampled, 65 refused to cooperate. What is the margin of error at the 95% confidence level.
What is our decision regarding differences between observed and expected frequencies if critical value of chi-square is 9.488 and computed value is 6.079.
A mathematical placement test is given to all entering freshmen at a small college. A student who receives grades below 35 is denied admission to the regular mathematics course and placed in a remedial class.
Compute the mean number and median number of apples in a bag.
When the level of confidence and sample standard deviation remain the same, a confidence interval for a population mean based on a sample of n = 100
After 1,000-trial simulation, examine statistical information generated and compare output of simulation with your findings in Problem .Briefly describe the significant similarities and differences.
An auditor for a Health Maintenance service of Georgia reports 40% of policyholder 55 years or older submit a claim during the year. Fifteen policyholders are randomly selected for company records.
A normal population has a mean of 80.0 and a standard deviation of 14.0. Compute the probability of a value between 75.0 and 90.0.
To estimate the mean of the population from sample information, we need to calculate the standard deviation of the distribution of the sample means around the population mean.
In general how is the magnitude of the standard error of estimate related to the value of correlation?
Is the sample a part of the population or the population apart of the sample? Why would researchers just not use the entire population to be more accurate? Can you give an example of a sample from a given population?
Many newspapers carry a certain puzzle in which the individual must unscramble letters to form words. How many ways can the letters of YARNLE be arranged?
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