Given this frequency distribution, what demand values would be associated with the following random numbe intermediate calculations.) Demand Frequency e 29 12 12 19 40 Simulated Demand 4 Random Number 0.1 0.5 0.4
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- Rex manufacturing purchases a printed circuit board for use in its automatic, computerized, robotbartender. The manufacturing facility has placed the following monthly demands on purchasedgoods inventory during the past year. Month 1 2 3 4 5 6 7 8 9 10 11 12 Demand 205 193 197 220 202 226 179 197 186 202 179 214 This demand schedule can be assumed to be random, to follow a normal distribution, and to berepresentative of what will occur in the future. Rex estimates that a fixed cost of $300 isincurred each time an order is placed for the boards, and that the inventory holding cost is about20% per year of the value of inventory. Each board has an estimated value of $192 at the pointof storage. The lead time on purchase orders is (1/5) month.Part A: What is the EOQ?Part B: What is the safety stock required to assure the management that the chance of a stock outin a cycle is no more than 1%?Part C: What is the reorder level?Agnes, a General Manager in XXX Company, estimated a multiplicative demand function of the form: using a cross-section data collected in the company sales on 30th June, 2019. The estimation results are as follows: (SEE IMAGE) Write down the estimated demand equation Interpret the coefficients and R2 value Describe any three managerial decisions that can be applied by the manager from the estimated demand functionA company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 800 - 8p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a. What is demand that will maximize revenue per month and the maximum revenue b. What is the optimal number of units that should be produced and sold per month? c. What is the maximum profit per month? d. What are the breakeven sales quantities and the range of profitable demand (volume)?
- Wharton Econometric Forecasting, LLC has been hired to analyze demand in 30 regional markets for Product Y, a major item. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 26,950 − 450P + 220PX + 0.08A + 0.01I (11,000) (150) (180) (0.3) (0.05) R2 = 0.95 Standard Error of the Estimate = 10 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $70, advertising expenditures are $50,000, and the average family income is $60,000. 1. Which variables in this regression model are statistically significant at the 95 percent confidence level? Show your work.Wharton Econometric Forecasting, LLC has been hired to analyze demand in 30 regional markets for Product Y, a major item. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 26,950 − 450P + 220PX + 0.08A + 0.01I (11,000) (150) (180) (0.3) (0.05) R2 = 0.95 Standard Error of the Estimate = 10 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $70, advertising expenditures are $50,000, and average family income is $60,000. Use the estimated demand function to calculate the expected value of QY in a typical market. Calculate the 95% confidence interval within which you would expect to find actual values of sales.…how to calulate the fixed overhead spending variance?
- You are hired as a consultant at a revenue management firm and one of ourrecent clients wished to determine the optimum price for their consumer electronics product.The cost of the product is $100 and before retaining us, they had been selling the product at$200 because it felt like a nice round number. The current sales volume is 1000 units peryear. We examined the market preferences and buying behavior, and concluded that thiscompany’s marketplace has a price elasticity of 1 (i.e. Assume that an x% change in pricewill result in an x% change in sales volume for any x). What is the optimal price thatmaximizes total profit for this company? What are the sales volume, total revenue and totalprofit at the optimal price?A company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 500 - 5p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a.What is the optimal number of units that should be produced and sold per month? b. What is the maximum profit per month? c. What are the breakeven sales quantities and the range of profitable demand volume?What is the approximate value of Annie’s brand/store compared to Sam’s for an otherwise equal apple tree? What is the estimate for market share for Annie if she sells Gal Apple Trees at $15.95 vs. Sam selling golden Delicious trees at $24.95.?
- At most airports, the potential for increased revenues is marginal. True False. Pls no plagiarismE4 The demand function below is estimated using the data generated by a randomized controlled trial: Lnqx^d=a+b*Lnpx+c*LnpY+d*Lnpz+e where qx^d is the quantity demanded of the product of interest (X), px is the price of the product of interest (X), py is the price of a substitute product (Y), and pz is the price of a complement product (Z). Also, e is the error term. The table below shows the 95% confidence interval estimation for parameters b, c, and d: Parameter Lower Limit of 95%CIE Upper Limit of 95%CIE b -0.052 -0.031 c -0.025 +0.045 d -0.154 -0.075 16. Consider the lower limit of 95%CIE for parameter b. A 10 percent increase in price of X is expected to reduce the demand for X by _____ percent. Note: Round your answer to two decimal points. 17. Consider the upper limit of 95% CIE for parameter b. A 10 percent increase in price X is expected to reduce the demand for X by ______ percent Note: Round your answer to two decimal points.The lowest boundary of the model class with size 15 is 40.the frequency of this class is 7 .find the mode if frequencies of the classes preceding and succeeding the model class is 3 and 6 respectively