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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 $36,000. The variable cost for the product is uniformly distributed between $20 and $28 per unit. The product will sell for $56 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,200 units and a standard deviation of 100 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions:
a. What is the mean profit for the simulation? Round your answer to the nearest dollar.
Mean profit = $ _____________
b. 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 ______________= %
Assume that the insured carried 100/300/50. Imagine the following claims filed by injured parties in the other vehicle: ? X sustains $90,000 in bodily injuries, Y sustains $120,000 in bodily injuries, and Z sustains $100,000 in bodily injuries, W sus..
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Do you believe that one's propensity to become a leader is an acquired skill or that the ability to be a leader is something that individuals are born with?
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What is the impact on the marginal cost of productions per unit when the average cost per unit rise above the minimum level?
Illustrate what is the optimal total ordering cost per year vs. illustrate what is which cost with the current policy. Explain how would you Conclude whether the Store management should continue with this policy or not.
As we become increasingly mobile as a population, geographical differences become more visible. Explain how do you see this trend affecting your organizational culture.
Bellard Co. tells its employees that voting for the union is a mistake. This action is a conspiracy in which a union places pressure on a neutral customer with whom the union has no dispute to cause the neutral entity to cease doing business with the..
Whole Foods has decided on the locations of the first five 365 stores. These are Silver Lake, Los Angeles, CA; Houston Heights, Houston, TX; Portland, OR; Bellevue, WA; Austin, TX. Each of the new 365 stores is opening in an existing market for the c..
You were recently hired as a new manager in a company. You are fresh out of business school and have few management skills. More importantly, you know that your role will also involve inspiring your department's employees. You have been told that ..
Please use excel, Linear Programming to create an LP Model. Create an Input Data and Answer Report after finding the solutions.
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