Iron Burr operates a booth which sells specialty merchandise at the State Fair. This year he is planning to sell t-shirts which are inscribed: THE STATE FAIR FOR EVERYONE The price of the t-shirts is $25.00 each. Mr Burr buys plain white t-shirts from a factory at a cost of $864 per gross (144 shirts), with a 3% discount for payment within 10 days, which he always takes. Mr Burr inscribes the design on the t-shirts, himself, and estimates that his labor is worth $4.00 per shirt. Unsold t-shirts are useless, but can be sold to a scrap dealer for $0.16 per pound; there are eight t-shirts in a pound. The number of t-shirts which will be sold at the State Fair is, of course, unknown. But, based on previous experience, Mr Burr estimates that the mean sales are 3 gross, and that the probability of selling more than 3 gross decreases as the quantity increases. Use the following cumulative distribution to determine number of gross of t-shirt that Mr Burr should prepare for the State Fair and the profits excluding Mr Burr's labor. X 1 3 4 5 6. 7 8 9. 10 P(x) 0.050 0.199 0.423 0.647 0.815 0.916 0.966 0.988 0.996 0.999 1.0

Iron Burr operates a booth which sells specialty merchandise at the State Fair. This year he is planning to sell t-shirts which are inscribed: THE STATE FAIR FOR EVERYONE The price of the t-shirts is $25.00 each. Mr Burr buys plain white t-shirts from a factory at a cost of $864 per gross (144 shirts), with a 3% discount for payment within 10 days, which he always takes. Mr Burr inscribes the design on the t-shirts, himself, and estimates that his labor is worth $4.00 per shirt. Unsold t-shirts are useless, but can be sold to a scrap dealer for $0.16 per pound; there are eight t-shirts in a pound. The number of t-shirts which will be sold at the State Fair is, of course, unknown. But, based on previous experience, Mr Burr estimates that the mean sales are 3 gross, and that the probability of selling more than 3 gross decreases as the quantity increases. Use the following cumulative distribution to determine number of gross of t-shirt that Mr Burr should prepare for the State Fair and the profits excluding Mr Burr's labor. X 1 3 4 5 6. 7 8 9. 10 P(x) 0.050 0.199 0.423 0.647 0.815 0.916 0.966 0.988 0.996 0.999 1.0

Name: Iron Burr operates a booth which sells specialty merchandise at the S
Uploaded: 2024-03-05T11:52:21.000Z
Channel: Bartleby
Description: Iron Burr operates a booth which sells specialty merchandise at the State Fair. This year he isplanning to sell t-shirts which are inscribed:THE STATE FAIRFOR EVERYONEThe price of the t-shirts is $25.00 each. Mr Burr buys plain white t-shirts from a

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

Related questions

Q: Bill Fleischer works in a warehouse driving a front loader. He has group health insurance which…

A: let the full amount of premium in a year is $ x

Q: Mauricio and Frederick went to dinner at a seafood restaurant. The subtotal of their bill was…

A: Given info: Mauricio and Frederick went to dinner at a seafood restaurant. The subtotal of their…

Q: A raffle is being held to benefit the local animal shelter. They sell 544 tickets that do not win…

A: Given A raffle is being held to benefit the local animal shelter. They sell 544 tickets that do not…

Q: Janis bought two shirts that were originally marked at $20 each. One shirt was discounted 25%, and…

A: Jenis bought two shirts originally marked at $20 each on 1st shirt he get 25% discount so total…

Q: Gabe purchased a razor for $9.99, a refill pack of razor blades for the regular price of $12.99,…

A: Given Price of Razor=$9.99 Refill pack of razor blades=$12.99 Shaving cream=$2.99 Lotion=$5.55…

Q: Noah sees a pair of shoes he wants to buy. The shoes have an original price of $40 but are $10 off…

A: Given,The shoes have an original price of $40 and $10 off this week.

Q: Christina bought a new car for $29,000. She paid a 10% down payment and financed the remaining…

A: Given thatChristina bought a new car for $29,000. She paid a 10% down payment and financed the…

Q: As part of his contingency planning, Bill adds 20% of the contracted cost of his new roof to the…

A: Given that: Estimate of the project = $8081Contingency = 20%

Q: Ashley owns a house with a market value of $135,000 and an assessed value of $110,000. If Cobb…

Q: John wrote a book and his deal allowed him to receive a 15% royalty based on the total sales of the…

Q: An executive in an engineering firm earns a monthly salary plus a Christmas bonus of 7100 dollars.…

A: Given the yearly total earnings=$99,000 Christmas bonus=$7100 We need to determine the monthly…

Q: The marked price of a ceiling fan is $1250.00 and the shop owner allows a discount of 6% on it. Find…

A: Reduce discount from marked price to get new selling price

Q: Sandra receives both an hourly wage and commission for her work as a sales associate. Her hourly…

A: The answer is found in step-2

Q: Michelle bought a new car for $21,000. She paid a 10% down payment and financed the remaining…

Q: The total price of the bike part is $78.88, which includes 7% tax and a 24% discount. What is the…

A: Total price of bike part=$78.88 Which including 7% tax and 24% discount. let sticker price of part…

Q: June has a coupon for a 30% discount. The price of a sweater after the coupon is applied is $65.8.…

Q: A man repays a loan of $3250 by paying $ 20 in the first month and then increases the payment by $15…

A: Let the loan is cleared in n months . Clearly, the amount form an A.P with first term is 20 and the…

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.

Topic Video

Question

100%

Iron Burr operates a booth which sells specialty merchandise at the State Fair. This year he is
planning to sell t-shirts which are inscribed:
THE STATE FAIR
FOR EVERYONE
The price of the t-shirts is $25.00 each. Mr Burr buys plain white t-shirts from a factory at a
cost of $864 per gross (144 shirts), with a 3% discount for payment within 10 days, which he
always takes. Mr Burr inscribes the design on the t-shirts, himself, and estimates that his labor
is worth $4.00 per shirt. Unsold t-shirts are useless, but can be sold to a scrap dealer for $0.16
per pound; there are eight t-shirts in a pound. The number of t-shirts which will be sold at the
State Fair is, of course, unknown. But, based on previous experience, Mr Burr estimates that
the mean sales are 3 gross, and that the probability of selling more than 3 gross decreases as
the quantity increases. Use the following cumulative distribution to determine number of gross
of t-shirt that Mr Burr should prepare for the State Fair and the profits excluding Mr Burr's
labor.
0 1
P(x) 0.050 0.199 0.423 0.647 0.815 0.916 0.966 0.988 0.996 0.999 1.0
2
3
4
5
6 7
8
9
10
X

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Application of Algebra$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions

10% off original price! Ron buys a ceramic vase during the sale. If Ron pays $54, what was the original price?
Suppose that the luxury sales tax rate in a foreign country is 19%. A very wealthy socialite bought a diamond tiara for $244,000. How much tax does she pay?
A sales clerk receives a monthly salary of $950$ plus a commission of 6% on all sales over $4600$ What did the clerk earn the month that he sold $12,500 in merchandise? Follow the problem-solving process and round your answer to the nearest cent, if necessary.
Assume Buddy’s Farm Supply wants to make $45000 in net income. If the tax rate is 25%, how much operating income must Buddy have? $56250 $360000 $60000 $180000
Cayden is an employee of FBG Corporation, with an annual salary of $60,000. Cayden's employer provides $90,000 of group term life insurance. Cayden is required to contribute monthly $0.15 per $1,000 of coverage. The IRS Uniform Premium Table shows $0.60 as the monthly cost per $1,000 for the coverage. How much is included in Cayden's annual gross income for the benefits received from the employer's group life insurance coverage? $153. $126. $0. $288.
A Salesperson is working on a 50-50 split commission basis with the employing broker. The salesperson sells a 6 acre parcel with front footage of 1,250 feet, for $500 per front foot. The commission is 6% of the total sales price. What is the salesperson's commission? A. B. C. D. $8,750 $9,375 $18,750 $37,500
Jeans with an original price of $45 are on sale at 15% off. What is the sale price of the jeans? (Round to the nearest cent, if necessary.)