Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Suppose that a grocery store buys milk for $2.20 and sells it for $3.70. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $2.70 (so the grocery store loses $1.00 on each gallon that it has to sell back to the wholesaler). Suppose that the demand for milk is normally distributed with a mean of 2900 gallons per week and a standard deviation of 250 gallons per week. The grocery store needs to decide how much milk to order. They decide that they want to order an amount of milk such that their expected profit on the last gallon sold is 0. Therefore, if p denotes the probability of selling a gallon of milk (notice that the probability of selling a gallon of milk is related to the number of gallons of milk because the demand for milk is normally distributed) then the expected profit is p (1.50) + (1-p) (-1.00). If we set this equal to 0 and solve for p then we get p = .40. Therefore, if the grocery store’s goal is to maximize its expected profit then they should order an amount of milk such that the probability of selling that amount of milk (or more) is 40%. How many gallons of milk should the store order?
Compare and contrast distributive bargaining and mutual gain bargaining. What is meant by the term third party relationship? What is always the first concern when developing a
Explain general analytical skills for project evaluation including analysis of projects with economic, financial, risk and decision analysis. Experience in business case devel
How can you, as a manager, motivate your employees to provide creative solutions to some of your organizational challenges without focusing on a pay raise or a monetary bonus?
Some businesses are aggressive at suing the media that reports negative news about them. For example, a cigarette company sued CBS for interviewing a disgruntled former execut
The Outdoor Furniture Corporation manufactures two products, benches and picnic tables, for use in yards and parks. The firm has two main resources: its carpenters (labor forc
Suppose you are the senior financial analyst at your company, and at the end of each month you are required to analyze the company’s profitability. Prepare a report to managem
Formulate and solve a linear programming model for mega stat for this make-or-buy application. How many of each component should be manufactured and how many should be purc
Major corporations with overseas subcontractors (such as IKEA in Bangladesh, Unilever in India, and Nike in China) have been criticized, often with substantial negative public
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