A Local Computer Store Is Running a Sale on the First

question 14

Essay

A local computer store is running a sale on the first 99 flat panel monitors sold. There is an equally likely chance of 0-99 units being sold. Each monitor cost $250, and profit is $10 per monitor sold. That is, profit equals -$250 + $10X, where X = the number of monitors sold. The mean amount you would expect to sell is 49.5 units.
(a) Calculate the expected profit.
(b) Simulate the sale of 10 items, using the following double digit random numbers: 47, 77, 98, 11, 02, 18, 31, 20, 32, 90.
(c) Calculate the average profit in (b) above, and compare with the results of (a) above.

Enhance mathematical skills specifically in addition and subtraction of monetary values in the context of business transactions.

Understand the concepts of markup based on selling price and how to compute it.

Understand the concepts of markup based on cost and how to compute it.

Apply the concept of markup to solve problems involving missing terms in various business scenarios.

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Definitions:

Reasonable Person Standard

A legal benchmark used to determine how the average person would responsibly act under similar circumstances.

Emergency Conditions

Circumstances that require immediate action or decision, often related to health, safety, or environmental threats.

Physician's Training

The formal education and clinical training required to become a licensed medical doctor, including undergraduate pre-medical studies, medical school, and residency programs.

Intentional Torts

Legal wrongs that occur when an individual deliberately engages in actions that cause harm or injury to another person.