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Double A stocks decorative coffee mugs that have been a big hit with the patrons. Each mug costs $3.00 and sells for $8.00. The cost of placing an order is $50.00, and once an order is placed, the mugs arrive in two weeks. During the two-week period, demand is normally distributed with a mean of 50 mugs and a standard deviation of 10 mugs. The cost of holding a mug in inventory is $.15/dollar value per year. If an item is out of stock, they will place the item on backorder and estimate that the cost of lost goodwill is $.20. Find the optimal ordering policy for Double A.
Define notation for the sample space of the problem, and use this to compute the probabilities from (a) and show that they are the same.
Perform exploratory data analysis on the relevant variables in the dataset. When possible, include appropriate graphs to help illustrate the dataset.
data obtained from a random sample of recent years of caribou and wolf population.caribou x 30 34 27 25 17 23 20wolf y
Suppose a consumer group asked 18 consumers to keep a yearly log of their shopping practices and that the following data represent the number of coupons used.
A radon exposure study. Scientists believe that exposure to the radioactive gas radon is associated with some types of cancers in the respiratory system.
A manuscript is sent to a typing firm consisting of typists A, B, and C. If it is typed by A, then the number of errors made is a Poisson random variable with mean 2.6; if typed by B, then the number of errors is a Poisson random variable
A shock can cause the failure of component 1 alone with probability p, component 2 alone with probability q, both components with probability r, or have no effects with probability 1-p-q-r. Suppose no repairs are possible and the system fails when..
In a completely dark room with ten chairs, six people come and occupy six chairs at random. What is the probability that at least one of three specific chairs gets occupied?
Body mass index is measured as the ratio of weight in kilograms to height in meters squared. Are there outliers in the distribution of BMI (justify your answer)?
Suppose your data is approximately normally distributed with a mean 25 and standard deviation 15. What is the approximate 97.5th percentile of your data?
Is the graph clearly labeled?- Does it violate the area principle?- Does the accompanying article tell the W s of the variable?
What features of a distribution determine whether the mean and the median will be similar? When does the mean exceed the median?
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