Suppose your company wanted to determine the amount of sales of a new SUV model, called...
Suppose your company wanted to determine the amount of sales of a new SUV model, called Lightning. The sales estimate would be based on the overall demand of various SUV model types. Overall demand is assumed to be normally distributed with a mean of 3 million units and standard deviation of 500,000 units. The share of demand that Lightning will take is assumed to be 4%. After running 1,000 simulated scenarios, a 95% confidence interval was constructed for the expected sales of Lightning units sold with limits of 93,048 and 146,964. If a mean of 6 million units was used in the simulation, how would the confidence interval change? Explain. How would the confidence interval change if a standard deviation of 250,000 was used? Explain.
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Suppose your company wanted to determine the amount of sales of
a new SUV model, called...
Develop a Crystal Ball model for the garage band in Problem with the following assumptions. The...
Develop a Crystal Ball model for the garage band in Problem with the following assumptions. The expected crowd is normally distributed with a mean of 3,000 and a standard deviation of 400 (minimum of 0). The average expenditure on concessions is also normally distributed with mean $15, standard deviation $3, and minimum 0. Identify the mean profit, the minimum observed profit, maximum observed profit, and the probability of achieving a positive profit. Develop and interpret a confidence interval for the...
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate but ignore sampling error. Suppose that a simple random sample of 75 stores this month shows mean sales of 52 units of small appliance, with a standard deviation of 13 units. During the same month last year, a simple random sample of 53 stores gave mean sales of 49 units, with...
According to the U.S. National Weather Service, at any given moment of any day, approximately 2000...
According to the U.S. National Weather Service, at any given moment of any day, approximately 2000 thunderstorms are occurring worldwide. Many of these storms include lightning strikes. Sensitive electronic equipment is used to record the number of lightning strikes worldwide every day. 28 days were selected at random, and the number of lightning strikes on each day was recorded. The sample mean was 8.3 million. Assume the distribution of the number of lightning strikes per day is normal and has...
In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called...
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 sold in January through a distributor who has agreed to...
In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called...
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 sold in January through a distributor who has agreed to...
In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called ...
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 sold in January through a distributor who has agreed to...
Suppose that an accounting firm does a study to determine the time needed to complete one...
Suppose that an accounting firm does a study to determine the time needed to complete one person’s tax forms. It randomly surveys 100 people. The sample mean is 23.6 hours. There is a known standard deviation of 7.0 hours. The population distribution is assumed to be normal. a. i. x ¯ =________ ii. σ =________ iii. n =________ b. In words, define the random variables X and X ¯ . c. Which distribution should you use for this problem? Explain...
In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called...
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 sold in January through a distributor who has agreed to...
Suppose that an accounting firm does a study to determine the time needed to complete one...
Suppose that an accounting firm does a study to determine the time needed to complete one person's tax forms. It randomly surveys 175 people. The sample mean is 23.8 hours. There is a known population standard deviation of 6.2 hours. The population distribution is assumed to be normal. Find the following: The sample mean x The population standard deviation σ The sample size n Let X be the time needed to complete one person's tax forms, and X the mean...
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 vari...
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 sold in January through a distributor who has agreed to...
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