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To calculate: The number of hours he should spend with each type of client to maximize his income where Slim charges different hourly rates to different categories of individuals
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Chapter 5 Solutions
Bundle: Finite Mathematics, Loose-leaf Version, 7th + WebAssign Printed Access Card for Waner/Costenoble's Finite Mathematics, 7th Edition, Single-Term
- Last year, at Haven's Pond Car Dealership, for a particular model of BMW, Jeep, and Toyota, one could purchase all three cars for a total of $140,000. This year, due to inflation, the same cars would cost $151,830. The cost of the BMW increased by 8%, the Jeep by 5%, and the Toyota by 12%. If the price of last year's Jeep was $7,000 less than the price of last year's BMW, what was the price of each of the three cars last year?arrow_forwardThe Astronomical Telescope shop plans to introduce a new model based on the following information: Rent and utilities per period are $ 1267; variable cost per unit is $ 117; selling price per unit is $ 242; How many units must be sold to make a profit of $ 3856?arrow_forwardJean Clark is the manager of the Midtown Saveway Grocery Store. She now needs to replenish her supply of strawberries. Her regular supplier can provide as many cases as she wants. However, because these strawberries already are very ripe, she will need to sell them tomorrow and then discard any that remain unsold. Jean estimates that she will be able to sell 10, 11, 12, or 13 cases tomorrow. She can purchase the strawberries for $3 per case and sell them for $8 per case. Jean now needs to decide how many cases to purchase. Jean has checked the store’s records on daily sales of strawberries. On this basis, she estimates that the prior probabilities are 0.2, 0.4, 0.3, and 0.1 for being able to sell 10, 11, 12, and 13 cases of strawberries tomorrow. 1. How many cases should she purchase according to Bayes' decision rule? Kindly give a complete solution so I can deeply understand the answer. thank you!arrow_forward
- Jean Clark is the manager of the Midtown Saveway Grocery Store. She now needs to replenish her supply of strawberries. Her regular supplier can provide as many cases as she wants. However, because these strawberries already are very ripe, she will need to sell them tomorrow and then discard any that remain unsold. Jean estimates that she will be able to sell 10, 11, 12, or 13 cases tomorrow. She can purchase the strawberries for $3 per case and sell them for $8 per case. Jean now needs to decide how many cases to purchase. Jean has checked the store’s records on daily sales of strawberries. On this basis, she estimates that the prior probabilities are 0.2, 0.4, 0.3, and 0.1 for being able to sell 10, 11, 12, and 13 cases of strawberries tomorrow. 4. If Jean is dubious about the accuracy of these prior probabilities and so chooses to ignore them and use the equally likely criterion, how many cases of strawberries should she purchase? Kindly give me a complete solution to deepen my…arrow_forwardBruno Fruscalzo decided to start a small production facility in Sydney to sell gelato to the local restaurants. His local milk supplier charges $0.50 per kilogram of milk plus a $15 delivery fee (the $15 fee is independent of the amount ordered). Bruno's holding cost is $0.03 per kilogram per month. He needs 8,250 kilograms of milk per month. Suppose Bruno orders 10,000 kilograms each time. What is his average inventory (in kilograms)? Suppose Bruno orders 6,250 kilograms each time. How many orders does he place with his supplier each year? Note: Round your answer to 1 decimal place. How many kilograms should Bruno order from his supplier with each order to minimize the sum of the ordering and holding costs? If Bruno's storage vessel can hold only 2,000 kilograms of milk, what would be Bruno's annual ordering and holding costs if he orders this amount? If Bruno's storage vessel can hold only 7, 000 kilograms of milk, what would be Bruno's annual ordering and holding costs if he orders…arrow_forwardsuppose it costs $52,000 per year to live in city A. It costs $90,000 to live in city B. In which city do you need to earn more to have the same purchasing powerarrow_forward
- Ms. Curtis is so obsessed with her new kitten Pickle that she has decided she wants another kitten just like her, named Dill. (Pickle needs a friend after all.) She wants to save up enough money to cover all of the expenses that come with owning a new pet (food, vaccines, etc.). If she starts with $30.00 in her savings fund and adds $15 each month, then when will she be able to purchase Dill if she calculates that Dill is going to cost her approximately $150.00? What is the recursive and explict? Circle: Linear Exponential Neitherarrow_forwardRon Company has the following commission schedule: Commission rate Sales 2 % Up to $80,000 3.5 % Excess of $80,000 to $100,000 4 % More than $100,000 Calculate the gross earning. Employee Total sales Gross earning Bill Moore $70,000 Please show me how to work out problems like this.arrow_forwardA retail outlet for calculators sells 900 calculators per year. It costs $2 to store one calculator for a year. To reorder, there is a fixed cost of $4, plus $1.25 for each calculator. How many times per year should the store order calculators, and in what lot size, in order to minimize inventory costs?arrow_forward
- Complete the following: LU 7-1(4) Item List price Chaln discount Net price Trade discount 7-4. Trotter treadmill $3,000 9/4 7-5. Maytag dishwasher $450 8/5/6 7-6. Sony digital camera $320 3/5/9 7-7. Land Rover roofrack $1.850 12/9/6 Which of the following companies, A or B, gives a higher discount? Use the single equivalent discount rate to make your choice (convert your equivalent rate to the nearest hundredth percent). 7-8.arrow_forwardThe Verizon publishing company pays its salespeople a weekly salary plus a 2% commission on all net sales over $5,000 (no commission on returned goods).Complete the following table. Employee Gross sales Return Net sales Given quota Commission sales Commission rate Total commission Regular wage Total wage Pat Brown $12,585 $135 $5,000 2 % $250 I need help working these situations out.arrow_forwardA company uses 5000 items per annum which has a price of $2 each. The ordering costs are $150 per order and holding costs are $1.50 per item per annum. The company is offered a 5% discount (discounted price is $1.90) for orders of 5000 and over. Order cost and holding cost remain at $150 per order and $1.50 respectively. Assuming that the company orders 5000 items per order, calculate the number of orders per annum, average stock, annual stock holding cost, annual order cost, annual inventory cost and the total annual cost of items and inventory.arrow_forward
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