Question Help Few companies take the time estimate the value of a good customer (and often spend little effort keep one). Suppose that a customer at a restaurant spends, on average, R per visit and comes F times each year (for example, if a customer purchases once every two years, then F - =0.5. The restaurant realizes a gross profit margin of M (expressed as a fraction) on the average bill for food and drinks. In addition, the fraction of customers defecting (not returning) each year is D. Complete parts a and b. a. Develop a mathematical model to comnute
Question Help Few companies take the time estimate the value of a good customer (and often spend little effort keep one). Suppose that a customer at a restaurant spends, on average, R per visit and comes F times each year (for example, if a customer purchases once every two years, then F - =0.5. The restaurant realizes a gross profit margin of M (expressed as a fraction) on the average bill for food and drinks. In addition, the fraction of customers defecting (not returning) each year is D. Complete parts a and b. a. Develop a mathematical model to comnute
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.4: Functions Given By Words
Problem 13E
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Few companies take the time
estimate the value of a good customer (and often spend little effort to keep one) Suppose that a customer at a restaurant spends, on average, R per visit and comes F times each year (for example, if a
1.
customer purchases once every two years, then F== 0.5. The restaurant realizes a gross profit margin of M (expressed as a fraction) on the average bill for food and drinks. In addition, the fraction of customers defecting (not returning)
each year is D. Complete parts a and b.
a. Develop a mathematical model to compute V, the gross profit during a customer's lifetime in doing business with the restaurant (this is often called the economic value of a customer)
v=D
(Sımplify your answer.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a08c678-100e-4106-b818-092f6da34e38%2Fc190fa91-78c4-4417-8eca-7302abd39b84%2F4ngp7u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question Help ▼
Few companies take the time
estimate the value of a good customer (and often spend little effort to keep one) Suppose that a customer at a restaurant spends, on average, R per visit and comes F times each year (for example, if a
1.
customer purchases once every two years, then F== 0.5. The restaurant realizes a gross profit margin of M (expressed as a fraction) on the average bill for food and drinks. In addition, the fraction of customers defecting (not returning)
each year is D. Complete parts a and b.
a. Develop a mathematical model to compute V, the gross profit during a customer's lifetime in doing business with the restaurant (this is often called the economic value of a customer)
v=D
(Sımplify your answer.)
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