A group of Physicians must build an addition to their existing private clinic. They are considering three different sized additions: a small addition, a medium addition and a large addition. If the medical demand is high (there is a favorable market) theywould realize a net profit of $100,000 with a large addition, a net profit of $40,000 with a medium addition and a net profit of $10,000 with a small addition.If the medical demand is low (there is an unfavorable market) they would realize a net loss of $40,000 with the large addition, a net loss of $10,000 with the medium addition and a net profit of $5,000 with the small addition. The physicians have areliable forecast indicating a 40% probability of the high medical demand. Using the expected monetary value, what should they do and what is the expected value of that decision?a. $7,000 Smallb. $61,000 Smallc. $64,000 Larged. $22,000 Medium

Let L, M, and S be the events of building a large, medium, and small addition, respectively. Let H…

Answered: A group of Physicians must build an…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

A company wishes to produce two types of souvenirs: Type A and Type B. Each Type A souvenir will result in a profit of $0.80, and each Type B souvenir will result in a profit of $1.00. To manufacture a Type A souvenir requires 2 minutes on Machine I and 1 minute on Machine II. A Type B souvenir requires 1 minute on Machine I and 3 minutes on Machine II. There are 2 hours available on Machine I and 5 hours available on Machine II. (a) For a meaningful solution, the time available on Machine II must lie between and min. (Enter your answers from smallest to largest.)(b) If the time available on Machine II is changed from 300 min to (300 + k) min, with no change in the maximum capacity for Machine I, then Ace Novelty's profit is maximized by producing Type A souvenirs and Type B souvenirs, where ≤ k ≤ .(c) Find the shadow price for Resource 2 (associated with constraint 2). (Round your answer to the nearest cent.)$
Jenck's Homemade Ice Cream, LLC is planning its production for next week. As there is a current shortage of fresh milk and one of the mixing machines is broken, demand for chocolate chocolate-chip ice cream and chocolate peanut-butter ice cream continues to outpace the company's production capacities. The mixing machines will be available for only for only 158.6 hours, and only 17500 gallons of high grade milk will be available. One hundred gallons of chocolate chocolate-chip requires 0.6 hour of mixing and 75 gallons of milk. One hundred gallons of chocolate peanut-butter ice cream requires 0.8 hour of mixing and 80 gallons of milk. If company earns a profit of $115.00 per hundred gallons of chocolate chocolate-chip and $130.00 per hundred gallons of chocolate peanut-butter, how many gallons of each ice cream should company produce next week to maximize profit? How much profit will result? (Use x for hundred gallons of chocolate chocolate-chip and y for hundred gallons of chocolate…
The Research and Development Department of DWR Ltd has developed new game consoles: zbox and ybox. Production of these consoles requires setting up computerized and fully automated production lines that would cost $25,000 for zbox and $32,000 for ybox. Once the initial costs are covered, each console generates hefty profits: $150/unit for zbox and $210/unit for ybox. In its current production facilities in Kanata, DWR Ltd has space for creating three production lines capable of manufacturing the consoles and each line can be used to manufacture both consoles (if necessary) at the same time. However, management has decided that in order to mitigate the risks, only one production line would be open. Console zbox can be produced at the rate of 15 units/hr on line 1, 18 units/hr on line 2, and 22 units/hr on line 3. The ybox can be produced at the rate of 20 units/hr, 17 units/hr, and 10 units/hr respectively. Line 1 has 340 hours production capacity, line 2 has 400 hours capacity, and…
A real estate company, Peterson & Johnson, discusses five potential development projects.The following table shows the estimated long-term earnings (net present value) that each project would generate and the investment required to undertake it, in millions of dollars.Company owners Dave Peterson and Ron Johnson raised $20 million in investment capital for these projects. They want to choose the mix of projects that maximizesthe total estimated long-term profit (net present value) without investing more than $20 million. a) Formulate a PEB model for this problem.
The Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. Since opening her restaurant, Karen has sought to establish a reputation for the Vintage as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Karen and her staff, her restaurant has become one of the best and fastest growing restaurants on the island. To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. Table 17.25 shows the value of food and beverage sales ($1000s) for the first three years of operation. Dependent variable: What is the variable: ___________________________________________ How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”)…
Store A and Store B compete for the business of the same customer base. Store A has 55% of the business and Store B has 45 %. Both companies intend to expand to increasse their market share. If both expand, or neither expand, they expect theri market share to remain the same. If Store A expands and Store B does not, the Store A"A share increases to 65%. If Store B expands and Store A doesnt, then Store A's share drops to 50%. Determine which strategy, to expand or not, each company should take.
A small paint company specializes in two types of exterior paint: latex and enamel paint. It requires 10 labor-hours per 100 liters of latex paint and 15 labor-hours per 100 liters of enamel paint. It is assumed that the company works only 40 hours per week, does not hire additional labor, and does not engage in overtime work. From 1 liter of latex paint, a profit of 5 units is obtained, while from 1 liter of enamel paint, a profit of 10 units is obtained. The owner of the company prioritizes the objectives in the following order: Avoiding overtime work Maintaining a weekly profit of at least 1000 units Producing a minimum of 700 liters of enamel paint each week to meet the demand of an existing customer Formulate the goal programming model for the company.
A company wishes to produce two types of souvenirs: Type A and Type B. Each Type A souvenir will result in a profit of $1, and each Type B souvenir will result in a profit of $1.20. To manufacture a Type A souvenir requires 2 minutes on Machine I and 1 minute on Machine II. A Type B souvenir requires 1 minute on Machine I and 3 minutes on Machine II. There are 3 hours available on Machine I and 5 hours available on Machine II. (a) The optimal solution holds if the contribution to the profit of a Type B souvenir lies between $ and $ . (Enter your answers from smallest to largest.)(b) Find the contribution to the profit of a Type A souvenir (with the contribution to the profit of a Type B souvenir held at $1.20), given that the optimal profit of the company will be $208.80.$ (c) What will be the optimal profit of the company if the contribution to the profit of a Type B souvenir is $2.00 (with the contribution to the profit of a Type A souvenir held at $1.00)?$
The E-JEM Company produces two types of laptop computer bags. The regular version requires $32 in capital, 4 hours of labor, and sells for $41. The deluxe version requires $38 in capital, 6 hours of labor, and sells for $52. How many of each type of bag should the company produce in order to maximize their revenue if they have $2100 and 300 labor hours available? ..... The company should make regular laptop bags and deluxe bags to maximize revenue.
A large defense contractor is considering making a specialized investment in a facility to make helicopters. The firm currently has a contract with the government, which, over the lifetime of the contract, is worth 100mn euro to the firm. It is considering building a new production plant for these helicopters; doing so will reduce the production costs to the company, increasing the value of the contract from 100mn euro to 200mn euro. The cost of the plant will be 60mn euro. However, there is the possibility that the government will cancel the contract. If that happens, the value of the contract will fall to zero. The problem (from the company’s point of view) is that it will only find out about the cancellation after it completes the new plant. At this point, it appears that the probability that the government will cancel the contract is 0.45. Draw a decision tree reflecting the decisions and find the equilibrium.
The Inn at Penn has 150 rooms with standard queen size beds and two rates: a full price of $200 and a discount price of $ 120. To receive the discount price, a customer must purchase the room at lease two weeks in advance ( this helps to distinguish between the business travelers, who value the flexibility of booking late and leisure travelers who tend to book early). For a particular Wednesday night, the hotel estimates that the demand from the leisure travelers could fill the whole hotel while the demand from business travelers follows a uniform distribution over [ Number of rooms demanded Probability 10-25 0.05 26-41 0.10 42-57 0.20 58-73 0.30 74-89 0.20 90-105…
Hoosier Power needs to determine a capacity expansion plan to meet Bloomington’s power needs for thenext 20 years. The current capacity is 5000 kwh. The demand for the current year is 4000 kwh, and demand is expected to increase by 1000 kwh in each succeeding year. At the beginning of each year, Hoosier Power must determine the amount of capacity to add, given the following inputs: ■ Any year in which capacity is added, a fixed cost of $120,000 is incurred plus a cost of $120 per kwh of capacity. ■ At most 10,000 kwh of capacity can be added in a single year. ■ It costs $25 per year to maintain a unit of capacity. ■ It costs $12 per year to produce a kwh. ■ If production does not meet demand, a shortage cost of $80 per kwh short is incurred. Develop a linear integer model to help Hoosier Power minimize its costs for the next 20 years.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS