Which one has more severe consequences and why

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1. A bakery buys flour in 25-pound bags. The bakery uses 1,215 bags a year. Ordering cost is $20 per order. Annual carrying cost is $150 per bag. a) Determine the economic order quantity. b) What is the average number of bags on hand? c) How many orders per year will there be? d) Compute the total cost of ordering and carrying flour.

2. According to USA Triathlon rules, you must complete a pass within 15 seconds on the bike to avoid receiving a penalty. Suppose we do a test to see if a pass takes more than 15 seconds. a. What is the type I error I could make here? Describe it in terms of this situation, NOT a general definition. b. What is the type II error I could make here? Describe it in terms of this situation, NOT a general definition. c. Which one has more severe consequences and why? Are both bad?

Reference no: EM132242863

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