Question 1 Question 1. The lease of Florida Wimsey Park, Inc., is about to expire. Management must decidewhether to renew the lease for another 10 years or to relocate near the site of a proposed motel. Thecity planning board is currently debating the merits of granting approval to the motel. A consultant hasestimated the net present value of Theme Park's two alternatives under each state of nature (options)as shownAlternativesRenewRelocatea. MaximinWhich alternative would they select for each approach given belowb. Maximaxc. LaPlaceOptionsd. Minimax RegretMotel Approved$500,000$5,000,000Motel Rejected$4,000,000$100,000

A decision making is a process of selecting the best alternative from all possible alternative…

Answered: Question 1. The lease of Florida Wimsey…

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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Question#3 In JUnit the principle of “Hollywood Principle: Don’t call us, we’ll call you” is commonly known as _____________ a) Calling Principle b) Control Call c) Inversion of Control d) No-Show Principle
Question 9 Listen You have a bag of 10 marbles. Two marbles are red, three marbles are white, and five marbles are black. Using the multiplication rule for dependent and in- dependent events, what are the probabilities for the following events? **HINT** Order matters With replacement n' Without replacement n! (n-r)! Order doesn't matter (+)- (n+r-1)! (n-1)!! (c)-- 111(115) Draw two red marbles without replacement. Draw a red marble and then a black marble without replacement. Draw a white marble and then a black marble with replacement. Draw two black marbles with replacement. a. b. 45 C. 3 20 d. 4
QUESTION 12 (Using the same problem) A vendor for the local ballpark food stand is questioning whether to stock his concession with a large or small inventory. He believes that it will depend upon the size of the crowd. He has developed a payoff matrix for the various alternatives (stocking decision) and states of nature (size of crowd). What is the answer using the criterion of minimax regret? Alternatives Large Inventory Small Inventory Probability O A) -$2,000 O B) $130,000 O C) $0 O D) $20,000 O E) $153,400 Large Crowd $220,000 $90,000 .20 PROFIT ($) Average Crowd $50,000 $70,000 .50 Small Crowd -$2,000 -$5,000 .30
Question B1: Simply Storage is a large storage business operating in several major cities in the UK. It runs the firm as a franchise. The parent company uses a centralised organisational structure. All franchises have to use exactly the same procedures. Each franchise is run by self-employed owners/managers who provide the warehouse space, either by owning it or renting it. The owners of each franchise are also responsible for developing their individual businesses and increasing turnover. The most successful franchise owners have built up very profitable businesses over the years. Simply Storage does not give any incentives to its warehouse staff. They are paid an hourly rate and there is never any overtime. The opportunities for promotion are very limited as on average a franchise only employs four staff. There is high staff turnover as many staff stay a few months then move on. a) Explain two ways in which the centralised organisational procedures might affect the way in…
QUESTION 3a. Delightful Coffee Limited (DCLL) purchases coffee from Hopeful Harvest Plantations (HHP)in Santa Cruz, Trinidad. HHP sells coffee at four (4) different prices, depending on the size ofthe order, as shown in Table 3 (below):Table 3. Hopeful Harvest Plantations - Coffee pricesWeight of Coffee Price ($USD)Less than 45 kilograms $18 per kilogram45 to 449 kilograms $17 per kilogram,450 to 1000 kilograms $16 per kilogramMore than 1000 kilograms $15 per kilogramThe cost to place an order at DCLL is $50. Annual demand is 4,500 units. The holding (orcarrying) cost is 20 percent of the material price. (iii) What is the economic order quantity that DCLL should buy each time? Please answer the above question
Question 16, Question 17, Question 18, Question 19, Question 20, Question 21
v Question Completion Status: QUESTION 11 The accompanying table shows the demand and supply schedules for lobster. The U.S. government decides that the incomes of lobster farmers should be maintained at a level that allows them to survive. It therefore implements a price floor of $14 per pound by buying surplus lobster until the market price is $14 per pound. Quantity Demand (thousands of pounds) Quantity Supplied (thousands of pounds) Price of Lobster (per pound) $22 0. 360 20 20 320 18 40 280 16 60 240 14 80 200 12 100 160 10 120 120 8 140 80 6 160 40 4 180 Reference: Ref 2-1 Since lobster is an important source of protein and omega-3, the government decides to provide the surplus lobster it purchases to nursing homes at a price of only $12 per pound. Assume that nursing homes will buy any amount of lobsters available at this low price, but families of nursing home patients now reduce their purchases of lobsters at any price by 60 thousand pounds because their family members are…
Question 5 The Omega Industrial Company produces two products A and B. The raw materials requirements, space needed for the storage, production rates, and selling prices for these products are given in the table below. Storage Space (ft²/unit) Raw Material (lb/unit) Production rate (units/hr) Selling Price (Php/unit) O 5x1 + 6x2 ≤ 1800 O X1 + 2x2 ≤ 480 O X1 + 2x2 ≥ 480 O 5x1 + 6x2 ≥ 1600 A O X1 + 2x2 < 1800 5 6 60 15 Product B 6 The total amount of raw material available per day for both products is 1600 lbs. The total storage space for all products is 1800 ft² and a maximum of 8 hours per day can be used for production. What is the constraint in terms of storage space? 4 30 1 pts 12
Question 18 Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market? O a Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous Ob. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. Oo Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous O d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous
QUESTION 8 If a price ceiling is binding in a given market, the effect on demand for inputs is: decreased increased no effect indeterminate QUESTION 9 If a price ceiling is binding in a given market, the effect on supplier profits through quantity demanded is: decreased increased no effect indeterminate

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