ref:: https://www.homeworklib.com/question/1461526/discrete-random-variables-and-the-binomial
(All answers were generated using 1,000 trials and native Excel functionality.)The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: ProcurementCost ($)ProbabilityLaborCost ($)ProbabilityTransportationCost ($)Probability100.25200.1030.75110.45220.2550.25120.30240.35250.30 (a)Construct a simulation model to estimate the average profit per unit. What is a 95% confidence interval around this average?Round...
(All answers were generated using 1,000 trials and native Excel functionality.)In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $34 per doll. During the holiday selling season, FTC will sell the dolls for $42 each. If FTC overproduces the dolls, the excess dolls will be...
(All answers were generated using 1,000 trials and native Excel functionality.)In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $34 per doll. During the holiday selling season, FTC will sell the dolls for $42 each. If FTC overproduces the dolls, the excess dolls will be...
There are 300 welders employed at Maine Shipyards Corporation. A sample of 30 welders revealed that 18 graduated from a registered welding course. Construct the 95percent confidence interval for the proportion of all welders who graduated from a registered welding course. (Round your answers to 2 decimal places.)The confidence interval is between and
To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3700, and the average first-year commission for each new account opened is $5300. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account.Assume that the number of new accounts you get randomly is:Simulation TrialNew Accounts102030405062728191100111122131142150160170180191200211220231240250Construct a spreadsheet...
A physical fitness association is including the mile run in its secondary-school fitness test. The time for this event for boys in secondary school is known to possess a normal distribution with a mean of 440 seconds and a standard deviation of 50 seconds. Find the probability that a randomly selected boy in secondary school will take longer than 499 seconds to run the mile.
(37 marks) Your client is planning to invest some money with your investment company. The client narrows their options down to 2 investment strategies X and Y , and from past experience the annual percentage returns are as follows: X ∼ N(3, 1 2 ) and Y ∼ N(5, 3 2 ). (a) For each investment strategy, calculate the probability of a negative return. [4 marks] (b) For each investment strategy, calculate the probability of return greater than 5.5%.