Quantitative Methods, Advanced Statistics

Assignment Help:
After graduating from Tech Julia was unable to find regular employment and approached the Director of Athletics at Tech to request that she remain a vendor of the following year. The Director was so impressed by Julia’s progress and professionalism from the year before he decided to allow her to continue to be a vendor for the next season with the following conditions and changes:
Julia must do a 70:30 split of all of her profits with the Department of Athletics. Julia also has the ability to sell soft drinks. If she decide to sell soft drinks, she must agree to a 60:40 split; however, the department will not provide any monetary funding. Julia’s cost for the soft drinks are 55 cents, and she sells them for two dollars. She can expect to sell just as many soft drinks as all food items combined.
Julia must sell food from two (2) booths; however, she will pay the same price as she paid for one booth during the previous season.
The department of athletics is able to use the warming ovens owned by food services at no cost since all student athletes on scholarship have a meal plan. There are three (3) warming ovens available to Julia. The warming ovens are the same capacity as those used the previous season.
Julia has the same options available for the types of food to sell however, she is able to take advantage of a discount that the school receives from the same vendor she purchased the pizza, hot dogs and sandwiches from; the discount is 20%, 20% and 30% respectively.
Due to the operation of two (2) booths, Julia must hire at least two additional persons at the same rate as previously determined.
After paying off here loans from the previous season, she has $2750.00 in savings from a part-time job at the mall, which she is able to invest in the venture. If Julia clears at least $2000.00 in profit for each game after paying all her expenses, she believes it will be worth the partnership with the Department of Athletics.

Formulate and solve a linear programming model for Julia that will help you advise her on which offer to accept from the director if any. Julia’s younger brother who is a freshman at Tech wants to help Julia increase her profits by loaning her some money using his school refund check. Her brother’s only requirement is that she repays him by the end of the season and he is allowed to get into the games free by posing as one of her assistants and receiving free food for him and his girlfriend. If Julia decides to take him up on his offer, how much should she borrow, if anything?

What is your recommendation to Julia?



Related Discussions:- Quantitative Methods

Ordered alternative hypothesis, Ordered alternative hypothesis is a hypoth...

Ordered alternative hypothesis is a hypothesis or assumption which speci?es an order for the set of parameters of interest as an alternative to the equality, rather than simply th

Incidental parameter problem, Incidental parameter problem is a problem wh...

Incidental parameter problem is a problem which sometimes occurs when the number of parameters increases in the tandem with the number of observations. For instance, models for pa

Probability, Modern hotels and certain establishments make use of an electr...

Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the doo

Frequency polygon, It is the diagram used to display the values graphically...

It is the diagram used to display the values graphically in a frequency distribution. The frequencies are graphed as an ordinate against the class mid-points as abscissae. The p

Markov chains.., a shop is selling laptops at regular price and at half pri...

a shop is selling laptops at regular price and at half price.If the laptops are regular price a day they will be at regular price tha day after with proba 2/3, if the laptops are a

Doubly multivariate data, This term is sometimes used for the data collecte...

This term is sometimes used for the data collected in those longitudinal studies in which more than the single response variable is recorded for each subject on each occasion. For

Band matrix, Band matrix: A matrix which has its non zero elements arrange...

Band matrix: A matrix which has its non zero elements arranged uniformly near to the diagonal, so that aij = 0 if (i - j)> ml or (j - i)> mu where aij are the elements of matrix a

Describe hello-goodbye effect., Hello-goodbye effect : The phenomenon initi...

Hello-goodbye effect : The phenomenon initially described in psychotherapy research, but one which might arise whenever a subject is assessed on two occasions, with some interventi

Procrustes analysis, Procrustes analysis is a technique of comparing the a...

Procrustes analysis is a technique of comparing the alternative geometrical representations of a group of multivariate data or of the proximity matrix, for instance, two competing

Over dispersion, Over dispersion is the phenomenon which occurs when empir...

Over dispersion is the phenomenon which occurs when empirical variance in the data exceeds the nominal variance under some supposed model. Most often encountered when the modeling

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd