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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 single machine work center has five jobs assigned to it. They are labeled, in the order of their arrival in the shop, as jobs A, B, C, D and E. The work center may work on only o
Vertically Integrated or Virtual Organisation An organisation might decide not to source goods or services externally but to own the supplier company itself. For instance a
how to compute quarterly index
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A farmer has 10 acres to plant in wheat and barley. He has to plant at least 7 acres. However, he has only $1200 to spend and each acre of wheat costs $200 to plant and each acre o
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A company specialising in the manufacture and sale of baths. Each bath consists of a main unit plus a set of bath fittings. The company is split into two divisions, A and B. Divisi
What is your perspective of the target audience for webcams?
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