The Cook County Lumber Co. has three sawmills that produce boards of differentlengths. The following table is a joint frequency distribution based on a randomsample of 1,000 boards selected from the lumber inventory.Board LengthSawmill8ft10ft12ft14ftA1401008014B2502010050C160501620Based on these data, if a board is selected that is 12 feet long, the probability that itwas made at sawmill A is:0.200.240.080.41

To determine the probability that a 12-foot board was made at sawmill A, we need to use the joint…

Answered: The Cook County Lumber Co. has three…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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I understand the moving average concept but not the weighted moving average and exponential smoothing
A manager intends to order a new machine and must now decide on the number of spare parts to order along with the machine. The parts cost $496 each and have no salvage value. The manager has compiled the frequency distribution for the probable usage of spare parts:7 spare parts with frequency 0.05;8 spare parts with frequency 0.23;9 spare parts with frequency 0.08;10 spare parts with frequency 0.07; and 11 spare parts with frequency 0.57. For what range of shortage costs would stocking 9 spare parts constitute an optimal decision ? a. Between 231.5and 334.8 b. Between 192.9and 279 c. Between 289.3and 418.5 d. Between 96.44and 139.5
Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.70 $3.50 $2.10 $4.10 $3.10 $4.05 Number Sold 765 515 990 245 320 480 Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
N
Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Quarter Winter Year 1 Spring Year 1 Summer Year 11 Fall Year 1 Guests (in thousands) 68 99 149 75 65 84 Quarter Summer Year 2 Fall Year 2 Winter Winter Year 3 Spring Year 3 Summer Year 3 Fall Year 3 Guests (in thousands) 120 51 99 151 Winter Year 2 207 Spring Year 2 97 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index
The following data set was collected from a survey 30, 25, 25, 23, 31, 31, 21, 19, 32, 26, 32, 23, 32, 20, 20, 25, 25, 20, 18, 29, 30, 19, 24 If a cumulative frequency distribution is to be constructed with classes 18-21, 22-25, 26-29, and 30-33 What is the cumulative frequency of the 22-25 class
(d) As part of a marketing program, a city block containing 4 households was selected and a sample of 3 households was sampled as follows. Jeremiah, the research assistant, identified the households and numbered each household from 1 to 4. He then want to list all combinations of the 4 households 2 at a time. These are: 1 and 2 1 and 3 1 and 4 2 and 3 2 and 4 3 and 4 Unfortunately, Jeremiah got this job because he was related to the Department Chairman, and he was very careless. He forgot the combina- tion 3 and 4. He chose a random number between 1 and 5 (it turned out to be 4) which corresponded to the combination 2 and 3. Thus households 2 and 3 were sampled. The variable of interest was out-of-pocket medical expenses incurred by the household (Table Q1 (d)). Table Q1 (d) : Out-Of-Pocket Medical Expenses Incurred by the Household Expenses ($) 345.00 Household 1 126.00 492.00 962.00 3 4 (ii) Based on Jeremiah's sampling procedure, what is the expected value of mean and variance of…

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