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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c2, where c2 > c1. In the second leg, which takes t2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t1 + t2. The daily demand for this item during the cruise follows a normal distribution with a mean of µ and a standard deviation of σ. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y1 and y2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner’s expected cost.
The owner of Torpid Oaks B&B wanted to know the average distance its guests had traveled. A random sample of 16 guests showed a mean distance of 85 miles with a standard deviation of 32 miles. The 90 percent confidence interval (in miles) for the mea..
Examine the following EVM data for the Acme project, a hypothetical construction project, to view information on the past and future performance: Calculate the cost variance (CV), schedule variance (SV), cost performance index (CPI), and schedule per..
Fewer than 2% of Americans are farmers today while 150 years ago most people were farmers. Those individuals who are still farmers today most likely have:
Explain why the demand for the good or service provided by the organization you work for is elastic or inelastic. How does this influence pricing decisions?
The graph to the right shows a situation in which the economy was in equilibrium at potential GDP (at point A) when the demand for housing sharply declined. What actions can Congress and the president take to move the economy back to potential GDP?
Suppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which of the following? Suppose the government passes a law that reduces unemployment benefits in a way that c..
The owner of a new health spa estimates the avg customer's monthly demand for visiting the spa as Q-50-.25P. The cost of operating is C(Q)=3Q, where Q is the # of visits. The owner has been charging a $20/month membership fee and a $5 per-visit fee. ..
one of your econ classmates is puzzled by how the wealth effect is a reason for not only the downward sloping nature of aggregate demand (AD) schedule, but also for shifts in the AD curve. Briefly offer an ezplaination that can resolve that dilems..
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
Graph Daniel’s budget constraint with potato chips on the vertical axis. Also write down the corresponding budget constraint equation. Then suppose that Daniel’s income increases to $60, what’s the change of Daniel’s budget line? Shortly after the in..
Which of the following statements regarding a monopolist is false? The marginal revenue curve lies below the demand curve for the monopolist's output. Unlike a perfectly competitive firm, a monopolist faces little or no competition. The monopolist se..
Illustrate what is the economy's MPC? It's MPS. Illustrate what was the APC before the increase in disposable income.
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