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The owner of a hardware store is surprised to find that he is completely out of stock of ‘‘Safe-t-lock,'' an extremely popular hardened-steel safety lock for bicycles. Fortunately, he became aware of this situation before anybody asked for one of the locks; otherwise he would have lost $2 in profits for each unit demanded but not available. He decides to use his pickup truck and immediately obtain some of the locks from a nearby warehouse. Although the demand for locks is uncertain, the probability distribution for demand is known; it is the same in each month and is given by:
Demand
Probability
0
0.1
100
0.3
200
0.4
300
0.2
The storage capacity is 400 units, and the carrying cost is $1 per unit per month, charged to the month's average inventory [i.e., (initial + ending)/2]. Assume that the withdrawal rate is uniform over the month. The lock is replenished monthly, at the beginning of the month, in lots of one hundred. What is the replenishment strategy that minimizes the expected costs (storage and shortage costs) over a planning horizon of four months? No specific inventory level is required for the end of the planning horizon.
Discuss a team project in which you participated. Was there a WBS? If so, what was your experience? If not, share how the project could have been improved by using this approach.
Assume a closed economy with the following national income model: Y = C + I + G0 , C = C0 + bY D , T = T0 + tY I = I0 + iY - Find the equilibrium national income, consumption, and tax
Assume the government sets a uniform standard for winter and summer at A = 500. Support or refute this policy based on the criterion of allocative efficiency, using your model to explain your response.where A is the level of CO abatement
There is a village in which there are 10 farmers. The only thing which farmers plant is corn. Calculate the village GDP. Determine the total consumption in the village and Determine the level of government spending in the village
Suppose the government wants to increase farmers" incomes. Why do price supports or acreage-limitation programs cost society more than simply giving farmers money?
If the jeans sell for $35 a pair and the competitive market wage is $250 per week. how many workers should stone hire? how may pairs of jeans will the company produce each week
exercise 1 quantity quotaa new chemical cleaning solution is introduced to the market. initially demand is qd 1000
Industries are economies of scale exhausted at relatively low levels of output - The most important pricing strategy for a perfectly competitive firm
Alf's valuation of the object is Ta, Bill's valuation is Tb and the true value is expected to be Ta + Tb, but at the time of the auction neither bidder knows the other's valuation. However, it is common knowledge that Ta and Tb are drawn from a re..
What is the marginal principle? Provide an example of the marginal principle. An advance in health care technology that lowers the cost of providing health care will shift he demand curve to right.
What effect MTV has on international relationships? (for ex: MTV in Africa)
How to Restore Participating and Self-Support to Free Enterprise (Harvard University Press, 197), economist Edmund Phelps offers this plan to help the working poor: apply tax credits for "qualified employers" or hire disadvantaged people for "elig..
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