Target population-parameters of interest and sample size

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1. Explain the following terms IN YOUR OWN WORDS 1. Target population 2. Parameters of interest 3. Sample size

2. A large bakery buys flour in 50-pound bags. The bakery uses an average of 5805 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $12.6 per order. Annual carrying costs are $6.2 per bag. The bakery holds 36 bags of flour in inventory as safety stock.

What is the total annual cost of holding and ordering inventory of flour?

3. A large bakery buys flour in 50-pound bags. The bakery uses an average of 6631 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $19.6 per order. Annual carrying costs are $13.5 per bag. The bakery holds 21 bags of flour in inventory as safety stock. On average, how many bags of flour are in inventory?

Reference no: EM132175893

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