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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?
A product is currently made in a job shop, where fixed costs are $4,500 per year and variable cost is $10 per unit. The firm sells the product for $70 per unit. What is the break-e
The process for renewing a driver's license at the Archer County Courthouse is as follows. First, the clerk fills out the application; then the clerk takes the driver's picture, an
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1. The fraction of orders filled by a distribution center or warehouse within a specific time period is referred to as the A. inventory turnover B. inventory supply time C
A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 88 percent of capacity; actual usage was 89.6 percent of c
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