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Author Question: The Fitness Shop is considering ordering a special model exercise machine. Each unit will cost the ... (Read 50 times)

BRWH

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on: Jun 24, 2018
The Fitness Shop is considering ordering a special model exercise machine. Each unit will cost the shop 410 and it will sell for 750 . Any units not sold at the regular price will be sold at the year-end model clearance for 340 . Assume that demand follows a normal probability distribution with  = 20 and  = 6 . What is the recommended order quantity?

Question 2

In a binomial experiment the probability of success is 0.06 . What is the probability of two successes in seven trials?
 a. 0.0036
   b. 0.06
  c. 0.0554
   d. 0.28


tdewitt

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Reply #1 on: Jun 24, 2018
Answer to Question 1

cu = 340, co = 70
P(demand  Q) = .8293
Q = 20 + .95(6) = 25.7 so order 26

Answer to Question 2

c


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