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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?
You wk for a consumer advocate agency and want to find the mean repair cost of a washing machine. As part of your study, you randomly select 45 repair costs and find the mean to be
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Is the globalization of health care good or bad for patients? Who might benefit from the globalization of health care? Who might lose?
is this real
Having a clear understanding of the courts and where to file specific claims has provided your department with a good basis for where to start when a claim arises. With so many out
Paradise land management case study
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