Consider the following scenario and select the best answer: A company is trying to determine how to allocate its $145,000 advertising budget for a new product. The company is considering newspaper ads and television commercials as its primary means for advertising. The following table summarizes the costs of advertising in these different media and the number of new customers reached by increasing amounts of advertising. Media & No. of Ads No. of New Customers Cost per Ad Reached Newspaper: 1-10 900 $1,000 Newspaper: 11-20 700 $900 Newspaper: 21-30 400 $800 Television: 1-5 10,000 $12,000 Television: 6-10 7,500 $10,000 Television: 11-15 5,000 $8,000 For instance, each of the first 10 ads the company places in newspapers will cost $1,000 and is expected to reach 900 new customers. Each of the next 10 newspaper ads will cost $900 and is expected to reach 700 new customers. Note that the number of new customers reached by increasing amounts of advertising decreases as the advertising saturates the market. Assume the company will purchase no more than 30 newspaper ads and no more than 15 television ads.

Consider the following scenario and select the best answer: A company is trying to determine how to allocate its $145,000 advertising budget for a new product. The company is considering newspaper ads and television commercials as its primary means for advertising. The following table summarizes the costs of advertising in these different media and the number of new customers reached by increasing amounts of advertising. Media & No. of Ads No. of New Customers Cost per Ad Reached Newspaper: 1-10 900 $1,000 Newspaper: 11-20 700 $900 Newspaper: 21-30 400 $800 Television: 1-5 10,000 $12,000 Television: 6-10 7,500 $10,000 Television: 11-15 5,000 $8,000 For instance, each of the first 10 ads the company places in newspapers will cost $1,000 and is expected to reach 900 new customers. Each of the next 10 newspaper ads will cost $900 and is expected to reach 700 new customers. Note that the number of new customers reached by increasing amounts of advertising decreases as the advertising saturates the market. Assume the company will purchase no more than 30 newspaper ads and no more than 15 television ads.

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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Concept explainers

Continuous Probability Distributions

Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.

Normal Distribution

Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!

Question

Consider the following scenario and select the best answer:
A company is trying to determine how to allocate its $145.000 advertising budget for a new product. The company is considering newspaper ads and television commercials
as its primary means for advertising. The following table summarizes the costs of advertising in these different media and the number of new customers reached by increasing
amounts of advertising.
Media & No. of Ads
No. of New Customers
Cost per Ad
Reached
Newspaper: 1-10
900
$1,000
Newspaper: 11-20
700
$900
Newspaper: 21-30
400
$800
Television: 1-5
10,000
$12,000
Television: 6–10
7,500
$10,000
Television: 11-15
5.000
$8,000
For instance, each of the first 10 ads the company places in newspapers will cost $1,000 and is expected to reach 900 new customers. Each of the next 10 newspaper ads will
cost $900 and is expected to reach 700 new customers. Note that the number of new customers reached by increasing amounts of advertising decreases as the advertising
saturates the market. Assume the company will purchase no more than 30 newspaper ads and no more than 15 television ads.
What would the variable cells in this problem represent?
O TV Ads
O Newspaper Ads
O New customers
O Profit

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