Wn Health Clinic needs to order influenza vaccines for the next flu season. The Clinic charges its patients$16.00 per vaccination and each dose of vaccine costs the clinic $4.00 to purchase. The Center for Disease Controlhas a long standing policy of buying back unused vaccines for $1.00 per dose. The Clinic estimates the followingprobability distribution for the season's demand.Demand1,0002,0003,0004,0005,000Probability0.040.220.240.410.09Da. How many vaccines should the Clinic order to maximize its expected profit?The Clinic should order vaccines because it yields the maximum expected profit of $ (Enter your responsesrounded to the nearest whole number.)LO

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Answered: Clinic needs to order influenza…

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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The following are historical demand data: ACTUAL YEAR SEASON DEMAND 2 years ago Spring Summer 205 151 Fall 379 Winter Spring Summer 560 last year 481 268 679 959 Fall Winter Use regression analysis on deseasonalized demand to forecast next summer's demand. (Round your answer to the nearest whole number.) Forecast for next summer's demand
A. A company wants to produce a souvenir with a marketing life of six months. Uncertainty surrounds the likely sales volume as well as the fixed costs of the venture as shown below: Sales units Probability Contrn. /unit Probability Fixed cost K7 K5 100 000 0.3 80 000 0.6 60 000 0.1 1.0 0.5 0.5 1.0 Determine the expected value of the contribution K400 000 K450 000 K500 000 Probability 0.2 0.5 0.3 1.0
Given this frequency distribution, what demand values would be associated with the following random numbers? (Do not round intermediate calculations.) Demand Frequency 17 1 19 21 43 Random Number Simulated Demand 0.0 0.6 0.6
Mention at least 5 specific points from this article
Risk-neutral probabilities are always Select one: O equal to atomic prices O negative O less than physical probabilities O equal to physical probabilities O equal to forward atomic prices
What does the elasticity coefficient refer to? a Od It is the responsiveness of price to a change in quantity demanded It is price multiplied by the quantity of the product sold It indicates the responsiveness of quantity demanded to a change in price It is quantity demanded at any given price.
Why distribution range negative infinity to positive infinity is transformed to zero to positive infinity? ( probability distribution)
The Instant Paper Clip Office Supply Company sells and delivers office supplies to companies, schools, and agencies within a 50-mile radius of its warehouse. The office supply business is competitive, and the ability to deliver orders promptly is a big factor in getting new customers and maintaining old ones. (Offices typically order not when they run low on supplies, but when they completely run out. As a result, they need their orders immediately.) The manager of the company wants to be certain that enough drivers and vehicles are available to deliver orders promptly and that they have adequate inventory in stock. Therefore, the manager wants to be able to forecast the demand for deliveries during the next month. From the records of previous orders, management has accumulated the following data for the past 10 months: Month Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Orders 145 70 115 85 120 54 82 141 123 94 Compute the…
If the mean = 20.3834 standard deviation = 101.53 1. What is the probability that daily demand will be less than 90 units? excel formula 2. What is the probability that daily demand will be more than 120 units? 3. What is the probability that daily demand will be between 80 and 110 units? 4. What is the probability that daily demand will be exactly 100 units
Green Thumb, a manufacturer of lawn care equipment, has introduced a new product. Each unit costs $180 to manufacture, and the introductory price is $250. At this price, the anticipated demand is normally distributed, with a mean of μ = 300 and a standard deviation of σ = 60. Any unsold units at the end of the season are unlikely to be valuable and will be disposed of in a post-season sale for $50 each. How many units should Green Thumb manufacture for sale? What is the expected profit from this policy? On average, how many customers does Green Thumb expect to turn away because of stocking out? Please show workings and formula in excel
Marcus Johnson has a life insurance policy that allows him to change his policy to fit his changing needs. He can change either the premium he pays or the period of coverage. What type of insurance does Marcus likely have? Multiple Choice Ordinary whole life Limited payment life Variable life Adjustable life Universal life E
For a given perishable product, a retailer pays $5 for each unit, then sells them for $10 each. At the end of the day, units not sold at the store are disposed of, and the retailer receives just $1 for each. Given the following probability distribution describing daily demand, how many units should be stocked? x Prob. (Demand = x) x Prob. (Demand = x) 0 0.01 7 0.18 1 0.02 8 0.14 2 0.04 9 0.09 3 0.07 10 0.05 4 0.09 11 0.02 5 0.12 12 0.01 6 0.15 13 0.01

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