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MAT540 Week 6 Homework Chapter 2 1. A Cereal Company makes a cereal from several ingredients. Two of the ingredients, oats and rice, provide vitamins A and B. The company wants to know how many ounces of oats and rice it should include in each box of cereal to meet the minimum requirements of 45 milligrams of vitamin A and 13 milligrams of vitamin B while minimizing cost. An ounce of oats contributes 10 milligrams of vitamin A and 2 milligram of vitamin B, whereas an ounce of rice contributes 6 milligrams of A and 3 milligrams of B. An ounce of oats costs $0.06, and an ounce of rice costs $0.03. a. Formulate a linear programming model for this problem. b. Solve the model by using graphical analysis. 2. A Furniture Company produces chairs and tables from two resources- labor and wood. The company has 125 hours of labor and 45 board-ft. of wood available each day. Demand for chairs is limited to 5 per day. Each chair requires 7 hours of labor and 3.5 board-ft. of wood, whereas a table re...

1. The manager of the Carpet City outlet needs to make an accurate forecast of the demand for Soft Shag carpet (its biggest seller). If the manager does not order enough carpet from the carpet mill, customer will buy their carpet from one of Carpet City’s many competitors. The manager has collected the following demand data for the past 8 months: Month Demand for Soft Shag Carpet (1,000 yd.) 1 10 2 9 3 8 4 9 5 10 6 12 7 14 8 11 a. Compute a 3-month moving average forecast for months 4 through 9. b. Compute a weighted 3-month moving average forecast for months 4 through 9. Assign weights of 0.55, 0.35, and 0.10 to the months in sequence, starting with the most recent month. c. Compare the two forecasts by using MAD. Which forecast appears to be more accurate? 2. The manager of the Petroco Service Station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The owner has accumulated the following data on d...

1. The Hoylake Rescue Squad receives an emergency call every 1, 2, 3, 4, 5, or 6 hours, according to the following probability distribution. The squad is on duty 24 hours per day, 7 days per week: Time Between Emergency Calls (hr.) Probability 1 0.15 2 0.10 3 0.20 4 0.25 5 0.20 6 0.10 1.00 a. Simulate the emergency calls for 3 days (note that this will require a “running” , or cumulative, hourly clock), using the random number table. b. Compute the average time between calls and compare this value with the expected value of the time between calls from the probability distribution. Why are the result different? 2. The time between arrivals of cars at the Petroco Services Station is defined by the following probability distribution: Time Between Emergency Calls (hr.) Probability 1 0.35 2 0.25 3 0.20 4 0.20 1.00 MAT540 Homework Week 3 Page 2 of 3 a. Simulate the arrival of cars at the service station for 20 arrivals and compute the average time between arrivals. b. Simulate the arrival of...

MAT540 Week 2 Homework  Chapter 12 1. A local real estate investor in Orlando is considering three alternative investments; a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment: Investment Weather Conditions Shortage Stable Supply Surplus Motel $-7,500 $12,000 $23,000 Restaurant 3000 7,000 6,500 Theater 5000 6,000 4,000 Determine the best investment, using the following decision criteria. a. Maximax b. Maximin c. Minimax regret d. Hurwicz (α = 0.4) e. Equal likelihood 2. A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 35% chance of rain, a 25% chance of overcast skies, and a 40% chance of sunshine, according to the weather forecas...

QUESTION 1 Parameters are known, constant values that are usually coefficients of variables in equations.  True  False 2 points    QUESTION 2 If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.           variables parameters equations all of the above appeal to the consumer result in a profit result in a loss result in zero profit 166.67 200 250 500 marginal cost marginal volume break-even point profit mix time between trials is constant always has the same probability of occurring result of the first trial influence the next trial trials are continuous 0 1 2 None of the above 0 1 2 ...

Discussion 1 What are some benefits of using decision trees?  In what ways can decision trees be used for business decisions? Name some real-world examples. Discussion 2 How does the science of probability affect decisions? Why? Buy now