What is the grocer's expected profit? Use Excel. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Expected profit
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- Dilberts Department Store is trying to determine how many Hanson T-shirts to order. Currently the shirts are sold for 21, but at later dates the shirts will be offered at a 10% discount, then a 20% discount, then a 40% discount, then a 50% discount, and finally a 60% discount. Demand at the full price of 21 is believed to be normally distributed with mean 1800 and standard deviation 360. Demand at various discounts is assumed to be a multiple of full-price demand. These multiples, for discounts of 10%, 20%, 40%, 50%, and 60% are, respectively, 0.4, 0.7, 1.1, 2, and 50. For example, if full-price demand is 2500, then at a 10% discount customers would be willing to buy 1000 T-shirts. The unit cost of purchasing T-shirts depends on the number of T-shirts ordered, as shown in the file P10_36.xlsx. Use simulation to determine how many T-shirts the company should order. Model the problem so that the company first orders some quantity of T-shirts, then discounts deeper and deeper, as necessary, to sell all of the shirts.Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost 16x. Each unit of Wozac is sold for 3. Each unit of Wozac produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. Determine how large a Wozac plant the company should build to maximize its expected profit over the next 10 years.A manufacturer of industrial sales has production capacity of 1,000 units per day. Currently, the firm sells production capacity for $10 per unit. At this price, all production capacity gets booked about one week in advance. A group of customers have said that they would be willing to pay $15 per unit if capacity was available on the last day. About ten days in advance, demand for the high-price segment is normally distributed with a mean of 250 and a standard deviation of 100. How much production capacity should the manufacturer reserve for the last day? Show the answer clearly.
- is selling Christmas trees. She purchases trees for $10 and sells for $25 each. The number of trees she can sell is normally distributed with a mean of 100 and standard deviation of 30. How many trees should purchase?Dan’s Independent Book Store is trying to decide on how many copies of a book to purchase at the start of the upcoming selling season. The book retails for $28.00. The publisher sells the book to Dan at $20.00. Dan can dispose of all of the unsold copies of the book at 50% off the retail price, at the end of the season. Dan estimates that demand for this book during the season is Normal with a mean of 1000 and a standard deviation of 250. Question 1: What is the quantity that Dan should order to maximize his expected profit?A fish restaurant sells fish for 50$ per kg and buys it from the suppliers for 10$ per kg. Fish that were not sold during the day go bad. A manager has estimated that daily demand for fish is normally distributed with a mean of 20kg and a standard deviation of 5 kg. The manager has to decide how much fish to order per day. Find a profit-maximizing order.
- 3. Gursoy is selling Christmas trees. She purchases trees for $10 and sells for $25 each. The number of trees she can sell is normally distributed with a mean of 100 and standard deviation of 30. How many trees should Gursoy purchase?A warehouse manager at Mary Beth Marrs Corp. needs to simulate the demand placed on a product that does not fit standard models. The concept being measured is "demand during lead time," where both lead time and daily demand are variable. The historical record for this product, along with the cumulative distribution, appear in the table. Demand During Lead Time Cumulaive Probability Probability 120 0.01 0.01 140 0.12 0.13 160 0.35 0.48 180 0.20 0.68 200 0.04 0.72 220 0.08 0.80 240 0.20 1.00 The following random numbers have been generated: 9, 78, 40, 41, and 99. (Note: Assume the random number interval begins at 01 and ends at 00.) Based on the given probabilty distribution, for the given random number the demand during the lead time is: Random Number 9 78 40 41 99 Demand The average demand during the lead time is (enter your response as an integer). The total demand during the lead time based on the five simulations is (enter your response as an integer).A grocer purchases plums for $2.95 per pound and sells them for $4.62 per pound. At the end of the sales cycle, leftover plums are sold for a closeout price of $1.76 per pound. The grocer purchases 10,380 pounds of plums. Expected demand is normally distributed with a mean of 8,304 pounds and a standard deviation of 1,038. What is the grocer's expected profit?
- 2-39 Susan Williams has been the production manager of Medical Suppliers, Inc., for the past 17 years. Medical Suppliers, Inc., is a producer of bandages and arm slings. During the past 5 years, the demand for No-Stick bandages has been fairly constant. On average, sales have been about 87,000 packages of No-Stick. Susan has reason to believe that the distribution of No-Stick follows a normal curve, with a standard deviation of 4,000 packages. What is the probability that sales will be less than 81,000 packages?Dan's Independent Book Store is trying to decide how many copies of a book to purchase at the start of the upcoming selling season. The book retails at $28.00. The publisher sells the book to Dan at $20.00. Dan will dispose of all of the unsold copies of the book at 50% off the retail price, at the end of the season. Dan estimates that demand for this book during the season is normal with a mean of 1000 and a standard deviation of 250. The publisher is thinking of offering the following scheme to Dan. At the end of the season, they will buy back unsold copies at a pre-determined price of $17.00. However, Dan would have to bear the costs of shipping unsold copies back to the publisher at $1.00 per copy. What is the quantity that Dan should order, to maximize his expected profits?ou have been pricing Samsung-Galaxy SmartWatch in several stores. Three stores have the identical price of $400. Each store charges 18 percent APR, has a 30-day grace period, and sends out bills on the first of the month. On further investigation, you find that store A calculates the finance charge by using the average daily balance method, store B uses the adjusted balance method, and store C using the previous balance method. Assume you purchased the SmartWatch on May 5 and made a $100 payment on June 15. What will the finance charge for June be if you made your purchase from store A? From store B? From store C?