Demand is normally distributed with a mean of 500 and a standard deviation of 200. Newsvendor assumptions hold. The selling price per unit is $400, cost per unit is $200, and salvage per unit is $40. Determine the optimal order quantity. How would your answer change if the salvage value were $0? Demands over time […]
In this case study, you will be working on a supplier ranking problem. It is an actual application for a manufacturing company located in Tijuana, Mexico. Because of confidentiality issues, the data given here have been disguised. The supplier selection criteria and subcriteria have been defined by the Purchasing Manager as shown in Figure 5.12. […]
Suppose that you observe that the wages for accountants in your town have gone up and that the number of accountants employed has also gone up. Which one of the following conditions could explain this? Illustrate your answer with a graph and explain in a brief paragraph. a. Businesses are failing, reducing the need for […]
You can access the World Bank’s World Development Indicators database online to download income share data for various countries, and construct Lorenz curves. Choose two countries you are interested in and construct their Lorenz curves on the same graph. Note that the WDI database does not have data for all countries, or for the most […]
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