Your firm deals strictly with four customers. The average amount that each customer pays per month along with the collection delay associated with each payment is shown below. Given this information, what is the amount of the average daily receipts?
Assume that every month has 30 days.
Definitions:
Unprofitable Products
Items or services that generate less revenue than the cost associated with producing and selling them.
Price Elasticity
An indicator of the sensitivity of the amount of a good demanded in response to its price changes.
Cost-Plus Pricing
A technique for pricing where a distinct markup is added to the unit cost of a product to establish its selling price.
Linear Programming
A mathematical method used to determine the best possible outcome or solution from a given set of parameters or constraints, usually applied in maximizing or minimizing a linear function.
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