Consider the circular flow model when answering the following questions.a. A firm decides to buy an existing factory in town. This would occur in the (Click to select) ▾b. Profits (income generated from entrepreneurial ability) are earned by (Click to select)c. The price of a cup of coffee is determined in the (Click to select)firmshouseholds Consider the circular flow model when answering the following questions.a. A firm decides to buy an existing factory in town. This would occur in the (Click to select) ▼b. Profits (income generated from entrepreneurial ability) are earned by (Click to select) ✓c. The price of a cup of coffee is determined in the (Click to select) ▼

a. A firm decides to buy an existing factory in town. This would occur in the resource market.In the…

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter12: Queueing Models

Section12.5: Analytic Steady-state Queueing Models

Problem 13P

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At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.
Shopper enter Parck place mall at an average of 120 per hour. What is the probability that at least 25 shoppers will enter the mall between 5 o’clock and 5:10 PM? A. 0 B. 0.157 C. 0.112 D. 0.5 Using poisson.dist Define event x = Mean = Interval = / Define the new event X New Mean = New interval F(x) Use the poisson formula on spreadsheet
Graph and Solve. Kindly show the probabilities and explain how to solve this question. The time between arrival of customers at the drive-up window of a bank follows an exponential distribution with mean of 8 minutes. a.What is the probability that arrival time between customers will be 10 minutes or less? b.What is the probability that arrival time between customers will be between 5 and 9 minutes?
What is the answer in this number 4?
Water prices are normally set according to the average cost of providing water Group of answer choices A. True B. False
(Please do not give solution in image format thanku) A mail order firm has one customer service representative. On average, one potential customer call CSD every four minute. The customer service representative requires on average 2 minutes to serve a customer. Both arrival and service time have a coefficient of 1. (a) if the firm has to pay 5 cents for every minute of waiting for each customer, how much money the firm has to spend in a 8 hour period? Asssume customers can always enter the waiting line
Solve the question below using the attached excel templates with formulas for renting both slow and fast copies (labeled in the excel tabs). Question: The Decision Sciences Department is trying to determine whether to rent a slow or a fast copier. The department believes that an employee’s time is worth $15 per hour. The slow copier rents for $4 per hour, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour?
Solve the question below using the attached excel templates with formulas for renting both slow and fast copies (labeled in the excel tabs). Question: The Decision Sciences Department is trying to determine whether to rent a slow or a fast copier. The department believes that an employee’s time is worth $15 per hour. The slow copier rents for $4 per hour, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour?
. A group of students organizes a bake sale in which they sell hundreds of cookies at $1per piece. They set up a table on campus and wait for students to come and purchasetheir cookies. Consider the following variables in this bake sale operation:1. Size of the cookies2. Weather conditions on campus3. Organization of the table4. Number of cookies sold5. Competition from other fund-raisers coinciding on campus6. Amount of advertising and shouting of the students at the bake sale table7. Number of students on campus that dayWhich of these variables is an output variable?a. 3b. 4c. 5d. None of the above
1) An operator is used for loading and unloading of parts to automated machines. Loading time is 1 minute; unloading time is 2 minutes, machining time is 30 minutes, Operator travel time between the machines including the inspection time is 4 minutes. Cost of operator is C₁=40 TL/Hour, cost of a machine is C₂-200 TL/Hour. What is the cost per unit of production if optimum number of machines is assigned to the operator? (Note: Times are given in minutes and costs are per hour) a) 231 TL/unit b) 6930 TL/unit c) 115.5 TL/unit d) 240 TL/unit e) 132 TL/unit 2) An operator is used for loading and unloading of parts to automated machines. Loading time is 1 minute; unloading time is 2 minutes, machining time is 30 minutes; Operator travel time between the machines including the inspection time is 4 minutes. Cost of operator is C1=40 TL/Hour; cost of a machine is C₂=200 TL/Hour. How many machines (integer number) should be assigned to the operator so that the total operator and machine costs…
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A manager is simulating the number of times a machine operator stops a machine to make adjustments. After careful study the manager found that the number of stops ranged from one to five per cycle and that each number of stops was equally likely. Using the random numbers 0.17 and 0.47 (in that order), determine how many stops for adjustments each of the next two cycles will have. The first cycle will have stops and the second cycle will have stops.

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