A grocery store is reevaluating the retail price of their oranges. They have a contract where they canpurchase oranges for $0.52 per pound. However, this includes high quality oranges (about 40% of the time),low quality oranges (55%), and occasionally rotten fruit (5%). Suppose they sell 80% of all high quality orangesat $1.99 per pound, 65% of all low quality oranges at $1.49 per pound (they offer a sale), and they cannot sellany of the rotten fruit.What is the store's expected profit from a random shipment of 500 pounds of oranges? We do not considerpersonnel and other overhead costs, only the wholesale cost of the oranges. (Give your answer as a number,no dollar sign included.)

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Answered: A grocery store is reevaluating the…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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1. Johnson has recently opened his workshop at the main street of a major city in the North East. Johnson estimates about 20 cars arriving at his workshop for repairs every day. Based on industry data, he estimates that 40% of the arrivals will agree to have the work repaired at his workshop. His average daily cost at the workshop is $1200. He expects to make a revenue of $200 for each car that is repaired. Johnson would like to know the following information: a) Develop a probability distribution for this problem. b) Which distribution will be the best fit?
21. COMPARING WAGES A new employee at a sales company is offered one of three different possible salary packages: A, B, or C. The new employee works approximately 15 hours each week. Package A: $105 for the 15 hours of work each week Package B: $45 per week plus a commission of 8% of all sales each week Package C: 12% commission of all sales during the week a. If a new employee expects to sell $1000 in merchandise, what salary package should the person choose? b. For what sales is salary package A the best deal? B? C? C. If you were the new employee, what package would you choose and why?
A manufacturer of flashbulbs knows that 5 percent of his product is defective. Suppose he will return the full price of a shipment of 2000 flashbulbs if “b" or more bulbs are defective. What should the approximate value of "b" be so that he must give the refund on at most 1 percent of the shipments he sells?
5. AUTOMOTIVE SUPPLIES An auto-parts dealer pays $41.88 per dozen cans of Chevron Techron fuel-injector cleaner and the markup is 50% on selling price. Find the selling price per can.
11. Teddy signs up for a phone plan at Verizon. His phone plan has fixed service fees of 10$ every month, a rate of $0.05/minute for calling, and $0.1/text message. This month, he has sent a total of 50 text messages. If his total phone bill for this month is 20$, how many minutes of calling did he use?
Answer all questions. a. There are 750 non-management staff in an organization who are to be equally distributed such that each manager has 150 of such non-management staff. If each manager is paid an amount of $3,350 each month, how much would be paid in total in the first quarter of a given calender year as salaries to the managers? b. For the same time period as in (a) above, how much would be paid to managers if each is assigned 30 non-managerial staff? c. Assuming that all managers are very qualified and highly competent, which of the cases would result I efficiency in cost terms? Case (a) or (b)? d. Also, Assuming that all managers are very qualified and highly competent, which of the cases would result in effectiveness? Case (a) or (b)?
6. You are purchasing cotton swabs that come in 2 different sized containers. One box contains 300 swabs for $2.99 and the other box is specially marked at 30% more swabs for the same price. How much will you save per swab by buying the larger box? C
chapter 5 10. A buyer plans to purchase 250 towels for the store's harvest sale and to retail each towel for $7.50. He has placed an order for 128 towels that cost $3.25 each. What is the most he can pay for each of the remaining towels if he wishes to average a 42% markup? Present your answer with a dollar-sign, comma separator, and rounded to the penny (i.e. $1,250.88).
The monopolist in question can export an unlimited amount of steel at the world price of $5 per ton. How much should they sell, and at what price?
A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive's employer has offered to buy the house for 212,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she will get by leaving the house on the market for another month is uniformly distributed between $200,000 and 230,000. (a) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Let x = sales price. (b) If she leaves it on the market for another month, what is the probability she will get at least $224,000 for the house? (c) If she leaves it on the market for another month, what is the probability she will get less than $212,000? (d) Should the executive leave the house on the…
The Scottsville Textile Mill produces several different fabrics on eight dobby looms that operate 24 hours per day and are scheduled for 30 days in the coming month. The Scottsville Textile Mill will produce only Fabric 1 and Fabric 2 during the coming month. Each dobby loom can turn out 4.68 yards of either fabric per hour. Assume that there is a monthly demand of 16,000 yards of Fabric 1 and 12,000 yards of Fabric 2. Profits are calculated as 33¢ per yard for each fabric produced on the dobby looms. (a) Will it be possible to satisfy total demand? Yes, the mill can produce enough to meet the demand. No, the mill can not produce enough to meet the demand. That's right! (b) In the event that total demand is not satisfied, the Scottsville Textile Mill will need to purchase the fabrics from another mill to make up the shortfall. Its profits on resold fabrics ordered from another mill amount to 20¢ per yard for Fabric 1 and 16¢ per yard for Fabric 2. How many yards of each fabric should…
4. A grocery store in Quiapo sells a 5% - kilo sweet ham for P1,320.00 while another grocery store in Quinta Market sells a 6-kilo ham of the same quality for P 1,410. a. Which store sells harm at a lower price? b. By how much?

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