STAT TECH IN BUSINESS & ECON LL\AC
18th Edition
ISBN: 9781264720545
Author: Lind
Publisher: MCG
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Chapter 20, Problem 17CE
a.
To determine
Construct a payoffs table.
b.
To determine
Find the expected payoffs for leasing 41, 42, and 44 complete sets from the Boston firms .
Give the recommended decision.
c.
To determine
Identify the most profitable alternative based on the expected daily profit.
d.
To determine
Obtain the expected opportunity loss for 41, 42, and 43.
e.
To determine
Obtain the most profitable course of action to take based on the expected opportunity loss table.
State whether the decision made in Part (c) is agreed in this context.
f.
To determine
Obtain the
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Southwestern University (SWU), a large state college in
Stephenville, Texas, enrolls close to 20,000 students. The
school is a dominant force in the small city, with more
students during fall and spring than permanent residents.
Always a football powerhouse, SWU is usually in the top
20 in college football rankings. Since the legendary Phil
Flamm was hired as its head coach in 2009 (in hopes of
reaching the elusive number 1 ranking), attendance at the
five Saturday home games each year increased. Prior to
Flamm's arrival, attendance generally averaged 25,000 to
29,000 per game. Season ticket sales bumped up by
10,000 just with the announcement of the new coach's
arrival Stephenville and SWU were ready to move to the
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The immediate issue facing SWU, however, was not
NCAA ranking. It was capacity. The existing SWU
stadium, built in 1953, has seating for 54,000 fans. The
following table indicates attendance at each game for the
past 6 years.
Southwestern University Football Game…
A professional organization is planning its annual convention to be held in San Francisco. Arrangements are being made with a large hotel in which convention will be held. Registrants for 3-day convention will be charged a flat fee of $500 per person, which includes registration fee, room, all meals, and tips. The hotel charges the organization $20,000 for the use of the facilities such as meeting rooms, ballrooms, and recreational facilities. In addition, the hotel charges $295 per person for room, meals and tips. The professional organization appropriates $125 of the $500 fee as annual dues to be deposited in the treasury of the national office. Determine the number of registrants necessary for the organization to recover the fixed cost $20,000?
a.
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b.
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c.
220
d.
250
Chapter 20 Solutions
STAT TECH IN BUSINESS & ECON LL\AC
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