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Suppose we are selling hot dogs during a basketball game. A hot dog sells for $15...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for $15 each but only costs $5 each to make. If we run out of hot dogs during the game, it will be impossible to get more. On the other hand, a leftover hot dog has a value of $1 for each hot dog. Assume that we believe the fans would buy 100 hot dogs with probability 3/10, 110 hot dogs with probability 2/10, 120...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for $15 each but only costs $5 each to make. If we run out of hot dogs during the game, it will be impossible to get more. On the other hand, a leftover hot dog has a value of S1 for each hot dog. Assume that we believe the fans would buy 100 hot dogs with probability 3/10, 110 hot dogs with probability 2/10, 120...
The concession stand at a school basketball tournament sells hot dogs, hamburgers, and chicken sandwiches. During...
The concession stand at a school basketball tournament sells hot dogs, hamburgers, and chicken sandwiches. During one game, the stand sold 16 hot dogs, 14 hamburgers, and 8 chicken sandwiches for a total of $105.00. During a second game, the stand sold 10 hot dogs, 13 hamburgers, and 5 chicken sandwiches for a total of $76.25. During a third game, the stand sold 4 hot dogs, 7 hamburgers, and 7 chicken sandwiches for a total of $56.25. Determine the price...
2. Hot dog sales during day games at the baseball stadium and the high temperatures during...
2. Hot dog sales during day games at the baseball stadium and the high temperatures during the games are approximately linearly related. Suppose the average high temperature at day games is 80 (degrees Farenheit) with a standard deviation of 10, and that average hot dog sales are 30 (thousands of dogs) with a standard deviation of 5. The correlation between temperature and sales is -0.25. a) Suppose the high temperature at a particular day game is 80 degrees. How many...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25 each making the total revenue $2,275. Each hot dog, bun, and condiments costs the man $0.70 and he has fixed costs of $1,800, making his total costs $2,290. Therefore, he realizes a loss of $15 a month. What is his break-even point? At the current sales levels of 700 hot dogs, what price does the man need to charge in order to break even?...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25 each making the total revenue $2,275. Each hot dog, bun, and condiments costs the man $0.70 and he has fixed costs of $1,800, making his total costs $2,290. Therefore, he realizes a loss of $15 a month. What is his break-even point? At the current sales levels of 700 hot dogs, what price does the man need to charge in order to break even?...
There are many different types of hot dogs produced in the U.S. The data to the...
There are many different types of hot dogs produced in the U.S. The data to the right represents the published mean calorie contents of the various brands that produce beef hot dogs and the mean calorie contents of various brands that produce poultry hot dogs. (Treat these as samples.) Compute the mean calorie content for each type of hot dog. (beef and poultry) Beef Poultry X Y 186 129 181 132 176 102 149 106 184 94 190 102 158...
Assume Marvin's Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive...
Assume Marvin's Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive market. Marvin uses two inputs in his production process: labor and capital. Find the least-cost and profit maximizing combination of labor and capital for Marvin to use. Labor (price = $8) Quantity Total Output Marginal Product Total Revenue ??? 12 Capital (price = $12) Quantity Total Output Marginal Product Total Revenue ??? 35 38
Assume Marvin’s Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive...
Assume Marvin’s Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive market. Marvin uses two inputs in his production process: labor and capital. Find the least-cost and profit maximizing combination of labor and capital for Marvin to use. Labor (Price = $8) Quantity Total Output Marginal Product Total Revenue ??? 0 0 1 12 2 22 3 28 4 33 5 37 6 40 7 42 Capital (Price = $12) Quantity Total Output Marginal Product...
1.)A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog,...
1.)A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog, he spends $12.00 in the raw material. Additionally he spends $1.81 for packing each hotdog and monthly $46.00, $21.00, $12.00 as food truck rent, electricity and other expenses respectively. Lost sales are charged at $6.00 per lost sale. Leftover hotdogs can be sold for $3. On a particular day in June 111.00 people came wanting to buy a hotdog. Determine the vendor’s profit for...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for $15 each but only costs $5 each to make. If we run out of hot dogs during the game, it will be impossible to get more. On the other hand, a leftover hot dog has a value of $1 for each hot dog. Assume that we believe the fans would buy 100 hot dogs with probability 3/10, 110 hot dogs with probability 2/10, 120...
1. Suppose we are selling hot dogs during a basketball game. A hot dog sells for $15 each but only costs $5 each to make. If we run out of hot dogs during the game, it will be impossible to get more. On the other hand, a leftover hot dog has a value of S1 for each hot dog. Assume that we believe the fans would buy 100 hot dogs with probability 3/10, 110 hot dogs with probability 2/10, 120...
The concession stand at a school basketball tournament sells hot dogs, hamburgers, and chicken sandwiches. During one game, the stand sold 16 hot dogs, 14 hamburgers, and 8 chicken sandwiches for a total of $105.00. During a second game, the stand sold 10 hot dogs, 13 hamburgers, and 5 chicken sandwiches for a total of $76.25. During a third game, the stand sold 4 hot dogs, 7 hamburgers, and 7 chicken sandwiches for a total of $56.25. Determine the price...
Assume Marvin's Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive market. Marvin uses two inputs in his production process: labor and capital. Find the least-cost and profit maximizing combination of labor and capital for Marvin to use. Labor (price = $8) Quantity Total Output Marginal Product Total Revenue ??? 12 Capital (price = $12) Quantity Total Output Marginal Product Total Revenue ??? 35 38
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