Anna operates a consignment shop where she sells clothes for women and children. The average consignments sold per month is 1000. The average material cost and the selling price of each consignment is $8 and $20, respectively. The monthly fixed cost to run this business is given below: Rental cost: $750 Utilities: $150 Advertising: $35 Insurance: $100 Labor cost: $4000 a. Build an influence diagram that illustrates how to calculate profit. b. Using mathematical notation, give a mathematical model for calculating profit. c. Implement your model from part (b) in Excel using the principles of good spreadsheet design.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Anna operates a consignment shop where she sells clothes for women and children. The average consignments sold per month is 1000. The average material cost and the selling price of each consignment is $8 and $20, respectively.
The monthly fixed cost to run this business is given below:
Rental cost: $750
Utilities: $150
Advertising: $35
Insurance: $100
Labor cost: $4000
a. Build an influence diagram that illustrates how to calculate profit.
b. Using mathematical notation, give a mathematical model for calculating profit.
c. Implement your model from part (b) in Excel using the principles of good spreadsheet design.
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