Question

please help answer the following 8

(1) Matching: 1. Revenue 2. Fixed cost 3. Variable cost A. does not vary. B. varies according to quantity produced. C. varies according to quantity sold. (2) Sam has started his own company, Sam Shirts, which manufactures Imprinted shirts for special occasions. Since h has just begun this operation, he rents the equipment from a local printing shop when necessary. The cost of using the equipment is $1,640. The materials used in one shirt cost $22, and Sam can sell these for $30 each. (a) How many shirts must Sam sell to break even? (b) What is the total revenue for this (i.e., break even)? (c) How many shirts must Sam sell to make a profit of $400? (d) What is the total revenue for making a profit of $400? (3) Let X = event X and Y - event Y. For independent events: P(XY) - PXAY and PIX/Y) - PIX (a) For dependent events: P(XY) - and P/V/X) - (b) For mutually exclusive events: PIX or Y) = (c) For mutually inclusive (not exclusive) events: PIX or Y) - (4) The time to complete a construction project is normally distributed with a mean of 260 days and a standard deviation of 24 days. What is the probability the project will take less than 231 days (round to 5 decimal places Let X be the project completion time. (5) There are 20 questions on a multiple-choice test. Ted believes he has a 70% chance of answering for each of these questions correctly. What is the probability Ted gets 14 or more questions correct? Write an Excel formula, As an example, what is the probability Ted gets 12 questions correct? Answer:BINOM.DIST.12.20,0.7 FALSE)

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Answer 1

Question 1)

Revenue - varies according to quantity sold

Fixed cost - does not vary

Variable cost - varies according to quantity produced

Question 2)

Total Cost = 1640 + 22Q

1640 is his fixed cost. 22 is his variable cost.

Total Revenue = 30Q

a) Break Even :

Total Revenue - Total Cost = 0

30Q - 1640 - 22Q = 0

8Q = 1640

Q = 205

Break even quantity is 205 units.

b) Total Revenue in break even = 30 x 205 = 6150

c) Profit = Total Revenue - Total Cost = 400

8Q - 1640 = 400

8Q = 2040

Q = 255

d)Total revenue at profit of 400 = 30 x 255 = 765

Question 3)

For dependent events :

P(XY) = P( X and Y)

P(Y|X) = P(X and Y) / P(X)

For Mutually Exclusive events :

P( X or Y ) = P(X) + P(Y)

For mutually inclusive events:

P(X or Y) = P(X) + P(Y) + P( X and Y)

Question 4)

es=2606224 x no. of days to completion) p(x<231) -u - 231 - mi z L 231 - 2601 =P ( z c -1-208,3) = 0.11347

Question 5)

n=20) p= 0.7 q=1-P=0.3 P ( getting in on mons connect) = 200 (0.9 (0.3) + 30c (0-1)(0.3)” + 20 10 (0.) Congo + socin (0.75" (03) + 200, (0.7) (8.39 + 20610 (0.7)*60.3) + Bocco fornia = 0.6080 low Lotto 6

Question 6)  

Payoff Table

Payoff Table	Low	High
Small	360	100
Large	-200	600

Regret Table

Regret Table is formed by subtracting the vaue of the cell from the best value of the coloumn  

Regret Table	Low	High	Row Maximum Regret
Small	360 -360 = 0	600 - 100 = 500	500
Large	360 -(-200) = 560	600 - 600 = 0	560

In Minimax Regret , we find the maximum regrets of each rows and choose the minimum of these .

Best decision according to minimax strategy is choosing a small facility when demand is high.

Question 7)
P = 0.4 Palinh = 0.6 a) EMV (small) = (Pow) (Low) + (Prigh) ( High) - =(0.4) (360) + (0.6) (100) = inn + 60 Orai - 204

Edrama | EM V (Lange) = Plow (Low) + Praya ( High) - =(0.4) (-200) + (0.6) (6oo) = -80 + 360 = 280 Maximum End V is EMV Clouge) =280

EU w pod is expected valve with perfect information Choosing best outcome in state small Lage boo) EVwP = By Paw (360) 2 (204) (360) & PHigh + (0.6) (600] = 144 +360 = 504 EVP = = E VWP soh a maximum EMV - 280 = 224

Question 8) More information needed