A firm making production plans believes there is a 30% probability the price will be $10, a 50% probability the price will be $15, and a 20% probability the price will be $20. The manager must decidewhether to produce 6,000 units of output (A), 8,000 units (B) or 10,000 units (C). The following table shows 9 possible outcomes depending on the output chosen and the actual price.Production$10$156,000 (A)-$200$4008,000 (B)-$400$60010,000 (C)-$1,000$800If the mean-variance rule is used, how much should the firm produce?Multiple ChoiceO6,0008,000Profit (Loss) when price is$20$1,000$1,600$3,00010,000cannot use this rule to make the decisionX

In this question, we will be using Mean-Variance rule in order to find out how many units should be…

Answered: A firm making production plans believes…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 12 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. 5 6 7 Day Store 1 Store 2 1 Difference (Store 1 - Store 2) Send data to calculator ✓ 2 3 786 878 827 645 708 500 699 140 Yes No 4 646 802 712 579 527 367 76 115 66 181 133 8 (a) State the null hypothesis H and the alternative hypothesis H₁. H:D H₁:0 (b) Determine the type of test statistic to use. Type of test statistic: (Choose one) ▼ 970 9 10 11 12 618 679 762 635 271 572 324 215 698 530 Based on these data, can the owner conclude, at the 0.05 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis…
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H3.
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