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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 $37,000. The variable cost for the product is uniformly distributed between $19 and $26 per unit. The product will sell for $57 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,300 units and a standard deviation of 200 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 = %
Annual demand for an item is 35,000 units. The holding cost rate is 15% of the item cost. Ordering costs are $25 per order. Assume 52 5-day weeks per year. If the lead-time is 1 week, what should the reorder point be?
economists believe the free rider problem is very important in complex business organizational structures. still
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Write the formula for price elasticity of demand and describe what it means. How would you expect the price elasticity of demand for health care to vary with health status
Recruitment Methodology: List all information every posting must contain and why this information is required to provide a template for hiring managers.
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Jan 40,000 February 50,000 March 60,000 Finished goods inventory at the end of 2013 was 10,000 units. on average 25 percent of the futons to be sold in the next month are produced and kept as ending balance in finished goods inventory. The planned se..
What are the potential advantages and disadvantages of Campbell's intended expansion in emerging markets? Do you believe Campbell’s is using a multi country strategic approach or a global strategic approach? Fully explain your reasoning.
Consider a piecemeal replenishment situation where the production rate is 100 units per day, the demand (consumption) rate is 4 units per day, and the economic production lot size is 500 units. Which of the following statements is true? An item exper..
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