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The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $33,000. The variable cost for the product is uniformly distributed between $20 and $27 per unit. The product will sell for $53 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,500 units and a standard deviation of 300 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions:
What is the mean profit for the simulation? Round your answer to the nearest dollar.
Mean profit = $
What is the probability that the project will result in a loss? Recalculate the numerical value of probability in percent and then round your answer to the nearest whole number.
Probability of Loss = %
Give an economics analysis of that liability standard for product-related harms.
What lessons can we infer from history around the efforts to enact National Health Insurance and/or Health Reform? What are the economic rationales for different types of government intervention in health care?
The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country r..
Consider the production possibility frontier for a simple two-good (closed) economy. Quantities of good x produced are plotted on the horizontal axis. Quantities of good y produced are plotted on the vertical axis. Suppose that the production of both..
What movements in in supply and demand would be consistent with the increase in Banana prices ( prices increased due to heavy rains washing out banana crops for that year)? Discuss the factors and mechanisms that have causes these patterns of price c..
Tony Taxpayer earns $2000 in income. Income is taxed at 20%. Tony can underreport his income to the IRS and pay taxes only on the amount he reports, but should he be audited, the IRS will impose a surcharge of 200% on his unpaid taxes; Calculate Tony..
Given that your Mexican business invoices in Mexican pesos, you are already aware that a decline in the value of the peso could reduce your dollar cash flows. Yet, according to purchasing power parity, a weak peso should occur only in response to a h..
Harley Davidson purchases components from three suppliers. Components purchased from Supplier A are priced at $ 5 each and used at the rate of 206700 units per year. What is the minimal annual inventory cost of the new aggregate replenishment strateg..
If a perfectly competitive firm is a price taker, then
During the Reagan administration, the marginal tax rate on wage income fell dramatically. Forexample, the top rate was sliced from 70 to 33 percent. Use the demand theory of healthinsurance to predict the effect of this change on the quantity demande..
An important employment level is called full employment.
Wal-Mart had sales of approximately $425 billion in 2012. If Wal-Mart continues to grow at the rate it has exhibited over the past fifteen years, its sales will approximate $3.0+ trillion in 2020. How likely is to occur? Why? Explain in detail the ..
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