Aa.54. Required information[The following information applies to the questions displayed below.]Professor John Morton has just been appointed chairperson of the Finance Department at Westland University. Inreviewing the department's cost records, Professor Morton has found the following total cost associated with Finance 101over the last five terms:TermFall, last yearWinter, last yearSunner, last year.Fall, this yearWinter, this yearProfessor Morton knows that there are some variable costs, such as amounts paid to graduate assistants, associated withthe course. He would like to have the variable and fixed costs separated for planning purposes.Required 3A Required 3BNumber ofSectionsOffered3-a. Assume that because of the small number of sections offered during the Winter Term this year, Professor Morton will have to offernine sections of Finance 101 during the Fall Term. Compute the expected total cost for Finance 101.3-b. Can you see any problem with using the cost formula from part (2) to derive this total cost figure?65342Complete this question by entering your answers in the tabs below.Fixed costVariable costTotal expected costTotal Cost$ 12,500$ 11,000$ 10,500$ 10,500$ 6,000Sho TranscriAssume that because of the small number of sections offered during the Winter Term this year, Professor Morton will have tooffer nine sections of Finance 101 during the Fall Term. Compute the expected total cost for Finance 101. (Round intermediatecalculations and final answers to the nearest whole dollar amount.)Required 3A Required 3B< Required 3AComplete this question by entering your answers in the tabs below.Required 3B >Can you see any problem with using the cost formula from part (2) to derive this total cost figure?Coefficient estimates may have high variance.Prediction is not guaranteed to become actual.Prediction is out of the relevant range.Prediction is based on old data.< Required 3ARequired 3B >

3A) In the Term of Fall, last year number of sections offered were 6 and the total cost is $12,500.…

Answered: 3-a. Assume that because of the small…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Q1. Hotel manager Mr. Smith and his resourceful assistant, John, run a 26-room hotel in a little town. A combination of Mr. Smith's friendly attitude and the absence of a respectable hotel in the nearby vicinity imply that Mr. Smith enjoys sufficient demand at his low fare of $159 per night. John notes that some customers will walk into the hotel requesting a room for that evening and they are willing to pay a high fare of $325 per night. John knows this demand is variable. (In reality, this demand is U(4,9)) He suggests some rooms should be kept unsold to the low-fare customers so that they can serve the high-fare customers. a) To maximize profits with John's plan, what is the booking limit that should be set for low fare customers? b) Mr Smith does not like the idea of John and says “we will sell to everyone who reserves in advance and ignore the walk-in demand." If Mr Smith has his way, what will be the hotel's expected revenue? C) John replies, "If you are going to forgo the…
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