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A foundry receives an order for specialty castings. Cost of producing each casting is estimated to be $15,000. The customer requires that exactly 4 good castings be supplied. The customer will pay $20,000 for each good casting. If fewer than four good castings are available, none will be purchased. Each casting is produced independently and the probability of an individual casting being acceptable to the customer is .80. 1/ Develop the expected profit function to be maximized? 2/ Determine the production lot size that maximizes expected profit? 3/ Determine the lot size that will yield a probability of .90 of producing at least 4 good castings. What is the expected profit for the lot size obtained?
During the campus Spring Fling, the bumper car amusement attraction has a problem of cars becoming disabled and in need of repair. Repair personnel can be hired at the rate of $20
"U.S Management theories contain a number of idiosyncrasies not necessarily shared by management elsewhere"...and then proceeds to mention three specific examples. Why might these
Explain Motivation. The factors leading mainly towards motivation are :- (i) Achievement - Personal satisfaction in job completion and problem solving. (ii) Advancement -
Assess how technology and the changing demands of customers have impacted the movie rental business. Suggest a strategy for Netflix's to prevent a new entrant into the marketplace
Computer-Aided Design is one of the techniques used by Regal Marine in the manufacturing of boats. With the aid of examples, critically discuss FIVE (5) techniques that are import
Question 1: Emmott (1997) reports that "by the 1990's the whole issue of employment relationships became much more subtle". The concentration now is on the relationship between
The technique that estimates long-run costs and the minimum efficient scale by determining the scale of operation at which most firms in an industry are concentrated is called the-
A department employs 3 types of workers: laborers earning $5 per hour, machine operators earning $9 per hour and maintenance workers earning $16 per hour. For a certain job over 2
What are the economic and social consequences of prohibiting the replacement of economic strikers?
Write a 750-1,000-word paper that analyzes the two leadership case studies, "Coach Knight: A Will to Win" and "Coach K: A Matter of the Heart." Address the following questions an
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