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A car dealership is specialized in selling Electrical Vehicles (EVs) and Hybrid Vehicles (HV). The demand for each vehicle type is sensitive to its price as well as to the price of the other type. In other words, there is an interaction between the EV and HV markets. An expert introduced the following demand curves: EV demand = 300 – 0.014(EV price) + 0.003 (HV price) HV demand = 325 – 0.018 (HV price) + 0.005 (EV price) The dealership’s unit costs are $17000 and $14000 per EV and HV respectively. Each HV requires 2 hours of labor for preparing the car and each EV requires 3 hours of preparation labor. The current staff can supply 320 hours of labor. 1. Develop a mathematical model to maximize the dealership’s total profit. Clearly define your decision variables, constraints and objective function 2. Implement your model in Excel and use Solver to find the optimal prices and optimal profits. Include a snapshot of your Excel answer 3. What sales levels will result from the prices in part (2) (you can ignore fractional values)
Suppose that the store wants to consider a stockout strategy. They estimate the cost of back ordering to be $3 per unit per year. What is the optimal policy and cost of such a strategy? Show all work and draw a diagram of this policy.
Patti is an accomplished singer. When she sings, she truly sings, without shouting or wailing. Patti has a contract to sing at the regional auditorium, but is feeling lazy and wants to assign her singing duties to Paige, who is also a good singer. Th..
Metropolitan University conducts course assessment each year to monitor the proportion of students who do not meet the minimum passing score on a comprehensive exam given at the end of the students’ academic program. The results are used as an improv..
Define ethics in a business context (purchasing materials accounting course). Do you believe ethics have an impact on profit? Why? Why not? Provide specific examples.
Interview a leader in your community to gain a greater understanding of the leaders role,how he/she views leadership. Whether this person practices "rational leadership" or follows another theory of leadership, how this person carries out that leader..
Develop a new process that creates a market for itself - Create a market for the process/product and let other business exploit the technology under license.
Explain with reference to the following products: candy bars, batteries, golf clubs, golf balls, steak knives, television, and industrial woodworking machinery.
A large catalogue retailer of fashion apparel reported $100,000,000 in revenues over the last year. On average, over the same year, the company had $5,000,000 worth of inventory in their warehouses. How many times each year does the retailer turn its..
The five project management process groups as described in the PMBOK® Guide are: Define, measure, analyze, improve, control
The debate concerned the direction that the company's quality system would take. Bill, the Operations Manager, had just read The Deming Management Method and was convinced that Deming's way was the only way. George had recently read Quality is Fre..
Lori produces "Final Exam Care Packages" for resale by her sorority. She is currently working a total of 5 hours per day to produce 100 care packages. What is Lori's productivity? What will be the percentage increase in productivity if Lori makes the..
Dans Dog Diner (DDD) is a low-key restaurant selling hot dogs and a long-time neighborhood favorite. DDD keeps an inventory of its best-selling product, the foot-long Frankfurter, in the freezer and reorders as needed when inventory runs low. Specifi..
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