11. Kelson Sporting Equipment, Inc. makes two different types of baseball gloves: a regular model and a catcher's model. The firm has 900 hours of production time available in its cutting and 7 sewing department, 300 hours in its finishing department, and 100 hours available in its packaging and shipping department. The production time requirements and the profit contribution per glove are given in the following table: Production Time (hours) Model Cutting an Sewing Finishing Packaging and Shipping 1/8 1/4 Profit/Glove Regular model Catcher's model 1/2 1/3 $5 $8 1 3/2 Assuming that the company is interested in maximizing the total profit contribution, answer the following: Formulate the linear programming model for this problem. Find the optimal solution using the graphical solution procedure. How many gloves of each model should Kelson manufacturer? What is the total profit contribution Kelson can earn with the listed production quantities? How many hours of production time will be scheduled in each department?
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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