You are the manager of a firm. You are considering the manufacture of a new product, so you ask the accounting department for cost estimates and the sales department for sales estimates. After you receive the data, you must decide whether to go ahead with production of the new product. Analyze the data (find a break-even quantity) and then decide what you would do. Also write the profit function. C(x) = 85x + 900; R(x) = 105x; no more than 38 units can be sold.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
You are the manager of a firm. You are considering the manufacture of a new product, so you ask the accounting department for cost estimates and the sales department for sales estimates. After you receive the data, you must decide whether to go ahead with production of the new product. Analyze the data (find a break-even quantity) and then decide what you would do. Also write the profit function.
C(x) = 85x + 900; R(x) = 105x; no more than 38 units can be sold.
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