The demand for a product of Carolina Industries varies greatly from month to month. Theprobability distribution in the following table, based on the past two years of data, shows thecompany's monthly demand.Unit Demand Probability300400500600(a) If the company bases monthly orders on the expected value of the monthly demand, whatshould Carolina's monthly order quantity be for this product?0.150.300.350.20(Enter your answer in a whole number (no decimals))(b) Assume that each unit demanded generates $70 in revenue and that each unit orderedcosts $50. How much will the company gain or lose in a month (in dollars) if it places an orderbased on your answer to part (a) and the actual demand for the itemis 300 units?(Enter your answer in a whole number (no decimals), do not e

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A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A weighted coin has a 0.664 probability of landing on heads. If you toss the coin 28 times, what is the probability of getting heads exactly 18 times? (Round your answer to 3 decimal places if necessary.)
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The figure below shows survival probabilities from all-cause mortality over 20 years in participants over 50 years of age who have normal glucose, glucose intolerance, and Type II diabetes mellitus. Estimate the 5-year survival probability for Type II diabetes. a. approximately 10% b. approximately 60% c. approximately 76% d. approximately 84%
The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: Procurement Cost ($) Probability Labor Cost ($) Probability Transportation Cost ($) Probability 10 0.25 20 0.10 3 0.75 11 0.45 22 0.25 5 0.25 12 0.30 24 0.35 25 0.30 Compute profit per unit for the base-case, worst-case, and best-case scenarios. Construct a simulation model to estimate the mean profit per unit. Why is the simulation approach to risk analysis preferable to generating a variety of what-if scenarios? Management believes the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability the profit per unit will be less than $5.
Amount of claim (to nearest $20,000) Probability $0 0.70 $20,000 0.17 $40,000 0.06 $60,000 0.04 $80,000 0.02 $100,000 0.01 A. Calculate the expected value? B. How much should the company charge as an average premium so that it breaks even on its claim costs? C. How much should the company charge to make a profit of $50 per policy?
Oxnard petri Ltd is buying hurricane insurance for it's off-coast drilling platform. During the next five years, the probability of total loss of only the above-water superstructure ($250 million) is .25, the probability of total loss of the facility ($950 million) is.25, and the probability of no loss is.50. Find the expected loss.( Input the amount as a positive value.) Expected Loss is what?
The following table shows the price per share of Apple stock at the beginning of different months. Calculate the four-month weighted moving average for October 2021. Round your answer to the nearest cent. Month July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 Apple Stock Price Simple Moving Average Weighted Moving Average $136.60 $146.36 $152.83 $141.90 $148.99 $167.48 ???
Answer #30 please. Show work.
Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x� (the amount of money a player wins or loses) in a single game is as follows:

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