A pastry store wants to know how many dozen muffins to bake each day.Every dozen they sell fresh in the shop returns a profit of $5.00.Every dozen they bake but do not sell on the day they are baked is given to a local charity at a loss of $3.00 a dozen.The business is fairly stable in that they never sell less than 50 dozen nor more than 80 dozen muffins.Their sales history, rounded to the nearest ten dozen muffins is as shown:
They want to run a ten day simulation for production rates of 50, 60, 70, and 80 muffins to determine the profit (loss) for each.They generated the following random numbers for days 1-10 respectively: 63, 13, 67, 50, 71, 25, 44, 00, 56, and 68.
a.What range of random numbers corresponds to 70 muffins sold?
b.What is the profit for day 3 if they make 70 dozen muffins?
c.What is the average daily profit (for all ten days) corresponding to 60 dozen muffins made?
Definitions:
Verbalizing
The act of expressing thoughts, feelings, or perceptions in spoken words.
Emotional State
The current condition of one's feelings or emotions, which can influence perception, decision-making, and behavior.
Familiar Language
Language that is well known, easily recognized, or understood due to regular exposure or use by an individual.
Respond
To react to something by taking a particular course of action or expressing oneself in a specific manner.
Q9: A furniture manufacturer has an order for
Q10: The concept where the tax effect should
Q13: The IFAC is active in all of
Q16: Define poka-yoke and provide some examples.
Q18: A conservative or risk-averse approach to one-time
Q23: As firms become more global, they tend
Q27: In the U.S. a firm's foreign exchange
Q29: Explain the use of regression analysis in
Q32: Which of the following factors would generally
Q56: At a gas station, a diesel pump