Suppose the CEO of a company wants to have a company
dinner
catered. It will cost $275 to rent the dining hall and $28 per
meal
served. The dining hall seats a maximum of 85 persons.
a. Explain why the total cost, C, depends on n, the number of
meals
served. Why would there be a linear relationship between C
and
n?
b. Write a linear equation that gives the total cost for the
dinner based
on the number of meals served. Then write a mathematical
model
in words that includes not only the equation but also
descriptions
of all involved variables and their units of measure as well as
any
restrictions on the possible values of the variable n.
c. Identify the slope of the equation and give an interpretation
of this
parameter (that is, explain what it means in the context of
this
situation).
Suppose the CEO of a company wants to have a company dinner catered. It will cost...
You have been asked by the CEO of your company to develop a measurement to optimize the company's web site based on the following information. Be sure to do the calculations for all three columns of data. Traffic in Number of Visits per Month Monthly Revenue Monthly Cost per Visit January 22,314 243,898 0.38 February 26,789 298,761 0.24 March 36,751 389,657 0.21 April 48,301 546,792 0.19 May 51,329 675,982 0.13 June 57,634 786,455 0.11 July 63,498 897,645 0.09 August 69,045...
Anderson Family Steakhouse offers a variety of low cost meals and quick service. Other than management, the Steakhouse operates with full time employees work 8 hrs/ day. The rest of employees are part time employees who are scheduled for 4 hrs shifts during peak meal times. On the Saturdays the Steakhouse is open from 11:00AM to10:00PM management want to develop a schedule for part time employees that will minimize labor cost and provide excellent customer service. The average wage rate...
15. Suppose demand, D, for a good is a linear function of its price per unit, P. When price is $20, demand 16. A certain firm posted an ad for a sales representative position paying S36,000 base salary plus a. What commission rate (as a percent of sales) must he earn to make $63,000 per year? is 100 units, and when price is $10, demand is 150 units. Find the demand function. commission. Based on his past experience, a salesman...
2-6% each part Suppose we have opened a catfish hot dog stand at the mall which will be open 4 hours per day. We are test marketing our sales at various prices to attempt to determine the best price we should use for our catfish hot dogs. So, let: Price of the Number of y hot dogs $1.50 $3.00 $4.00 hot dogs sold 182 118 39 Notice that we have put these variables in the same order that we did...
Cost function; breakeven; targeted profit; uncertainties and bias; interpretationJoe Davies is thinking about starting a company to produce carved wooden clocks. He loves making the clocks. He sees it as an opportunity to be his own boss, making a living doing what he likes best. Joe paid $300 for the plans for the first clock, and he has already purchased new equipment costing$2000 to manufacture the clocks. He estimates that it will cost $30 in materials (wood, clock mechanism, etc.)...
Please help me on questions 40, 59, and 62.
battin how many additional consecutiv hits h Jeter would have needed to raise his batting average in 2004 to that of his average in 2001. b. Write and solve an equatioll SHORTSTOP YEAR 2001 2002 2003 2004 191 191 156 48 188 c. What if.. How many additional hits in a row would Jeter have needed to raise his batting average in 2003 to .500? Check your answer for reasonableness. Solve...
Help & explain please
Regression 1. A researcher is willing to investigate whether there is any linear relation bet ween income (x) in thousand dollars and food expenditures (y) in hundred dollars. A sample data on 7 households given the table below was collected. Assuming that a linear model is used to solve the problem. r-3-D) r-I 83 24 13 61 15 17 1. Write down the linear model 2. Write down the fitted regression line and Interpret the slope...
I have added the pictures for decision case 21-1 as per
requested in the instructions from the textbook....if solved in
detail and calculations shown would be really helpful
Instructions: 1. Complete the requirements for Decision Case 21-1 on page 1197 of your textbook. Show all calculations and include references for your supporting documentation 2. In addition to the requirements in the textbook (#1-4), please prepare a CVP graph of your results for requirements #1 and #2 using Exhibit 21-8 and...
I have posted the decision case 21-1 as instructed in the
first picture....
Please show the calculations for my better understanding and
the second part of the question also requires a CVP graph I also
need help of how it is suppose to be drawn
Instructions: 1. Complete the requirements for Decision Case 21-1 on page 1197 of your textbook. Show all calculations and include references for your supporting documentation In addition to the requirements in the textbook (#1-4), please...
Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or t and minimizes cost by using quadratic formula and vertex formula. he quantity of goods and maximizes profit, revenue services that The goal of this project is to enhance the understanding quadratic functions and how to find the Question 1: If you have the...