CURRENT OBJECTIVESolve an application problem by applying Polya's four step procedureQuestionA family is visiting 5 states within 10 days for vacation. There are 4 people in the family. They havethe option to travel 304 miles on the first day and visit 1 national park and 2 lakes. Or they cantravel 260 miles to see a water park and an amusement park that each costs $5 per park perperson for all ages. The national park costs $25 per vehicle and the 2 lakes are free. The next 3days, they travel 284 miles and relaxed by the pool. The family vehicle can go 300 miles on a tankof gas worth $40. The last 4 days, they spend driving the same route back home and stopping atpopular sightseeing landmarks.On the first day, how much does the cheaper route cost? Round your answer to the nearest centand do not include $ in the answer. For example, if the cost is $19.01, put 19.01.Provide your answer below:

The CHeaper route can be found out by using the unitary method to calculate the costs associated…

Answered: Question A family is visiting 5 states…

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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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?
Question 2 A farmer in the Blue Mountains area of Jamaica wants to decide on the crop to plant next season. He wants to plant either ganja or coffee for export to the USA but need some help. He knows that if he plants ganja and the weather in the USA is predominantly cold he earns $10,000(US per month. If the weather is warm he earns $16,000. If he plants coffee and the weather is cold he earns 13,000 and if the weather is warm he earns $14000. In 40% of the years, the weather was cold and in 60 % the weather was warm. For $600, he could buy an expert weather forecast from CWD consulting. States of Nature with Profits ($) Does not include forecast cost Decision Warm Cold weather (C) Alternatives weather(W) Ganja $16,000 $10,000 Coffee $14,000 $13000 Prior Probabilities P(W) = 0.60 P(C) = .40 Conditional probability for a given state of nature where forecasts are either Good (G) or bad (B): That is: P (G|W) = 0.80; P (B|W) = 0.20; P (G|C) = 0.10; P (B|C) = 0.90 After vou have computed…
Natalie is opening a retail store specializing in hard-to-find gift items. Before she opens her store, what question will Natalie need to address? a. Where will customers want her products? b. When will customers want her products? c. What prices will customers be willing to pay? d. What assortment of products will customers want? e. all of these.
Ruby obtained a loan of $90,000 towards the purchase of her new home. If the loan was 75% of the purchase price, how much did she pay for the home? O $125,000 (Dollars) O $115,000 (Dollars) O $145,000 (Dollars) O $120.000 (Dollars)
Scenario analysis allows a firm to ask what - if type questions in capital budgeting. Question 22Select one: True False
An oil company must decide whether or not to drill an oil well in a particular area that they already own. The decision maker (DM) believes that the area could be dry, reasonably good or a bonanza. See data in the table which shows the gross revenues for the oil well that is found. Decision Drill $0 Abandon $0 Probability 0.3 Dry (D) Seismic Results No structure(N) Open(0) Closed (C) Drilling costs 40M. The company can take a series of seismic soundings (at a cost of 12M) to determine the underlying geological structure. The results will be either "no structure", "open structure or "closed structure". The reliability of the testing company is as follows that is, this reflects their historical performance. Reasonably good(G) $85 $0 0.3 Note that if the test result is "no structure" the company can sell the land to a developer for 50 m. otherwise (for the other results) it can abandon the drilling idea at no benefit to itself. Dry(d) 0.7 0.2 Bonanza(B) 0.1 $200 m SO 0.4 Conditional…
Please answer d, e and f. Question 2 A company is considering a project which has three options. The payoffs are shown in the body of the table. In this instance, the payoffs are in terms of present values, which represent equivalent current dollar values of expected future income less costs. This is a convenient measure because it places all alternatives on a comparable basis. If a small facility is built, the payoff will be the same for all three possible states of nature. For a medium facility, low demand will have a present value of $7 million, whereas both moderate and high demand will have present values of $12 million. A large facility will have a loss of $4 million if demand is low, a present value of $2 million if demand is moderate, and a present value of $16 million if demand is high. The payoff table depicting revenues and is shown in the following table. payoffs (PV inmillions) states ofnature Option Low Moderate High Small 10 10 10 Medium 7 12 12 Large -4…
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14
PROBLEM 8 Jim Huang and Roderick Wheeler were sales representatives in a computer store at a shopping mall in Arlington, Virginia, when they got the idea of going into business in the burgeoning and highly competitive microcomputer market. Jim went to Taiwan over the summer to visit relatives and made a contact with a new firm producing display monitors for microcomputers, which was looking for an East Coast distributor in America. Jim made a tentative deal with the firm to supply a maximum of 500 monitors per month and called Rod to see if he could find a building they could operate out of and some potential customers. Rod went to work. The first thing he did was send bids to several universities in Maryland, Virginia, and Pennsylvania for contracts as an authorized vendor for monitors at the schools. Next, he started looking for a facility to operate from. Jim and his operation would provide minor physical modifications to the monitors, including some labeling,…
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