71. Your company has signed a contract with a goodcustomer to ship the customer an order no later than20 days from now. The contract indicates that thecustomer will accept the order even if it is late, butinstead of paying the full price of $10,000, it will beallowed to pay 10% less, $9000, due to lateness. Youestimate that it will take anywhere from 17 to 22 daysto ship the order, and each of these is equally likely.You believe you are in good shape, reasoning that theexpected days to ship is the average of 17 through 22,or 19.5 days. Because this is less than 20, you will getyour full $10,000. What is wrong with yourreasoning?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
71. Your company has signed a contract with a good
customer to ship the customer an order no later than
20 days from now. The contract indicates that the
customer will accept the order even if it is late, but
instead of paying the full price of $10,000, it will be
allowed to pay 10% less, $9000, due to lateness. You
estimate that it will take anywhere from 17 to 22 days
to ship the order, and each of these is equally likely.
You believe you are in good shape, reasoning that the
expected days to ship is the average of 17 through 22,
or 19.5 days. Because this is less than 20, you will get
your full $10,000. What is wrong with your
reasoning?
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