A carpenter makes bespoke rocking chairs. Each week, the number of chairs that he makes matches...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A carpenter makes bespoke rocking chairs. Each week, the number of chairs that he makes matches the demand received from a furniture shop. The probability that the shop demands 10 chairs is 0.4, the probability they demand 15 chairs is 0.35 and the probability they demand 20 chairs is 0.25. Each week he works with a different type of wood, which impacts how much it costs him to make the chairs. The probability the wood per chair costs £20 is 0.3 and the probability the wood per chair costs £30 is 0.7. The furniture shop pays the carpenter an amount dependent on the quality of his work. He makes £30 per chair with probability 0.15, £40 per chair with probability 0.60 or £45 per chair with probability 0.25. 5a. Using the top hat method, provide details of how you would simulate the variability in this situation. [5 marks] For each week the carpenter's profit can be calculated using the equation Profit = Demand* (Price - Materials). Use the following rows of the random number table to generate random variables: Demand: Row 1, i.e. 18 69 84 78 85 78 40... Materials: Row 2, i.e. 90 42 07 45 05 09 10... Price: Row 3, i.e. 11 39 93 93 42 79 66... Using two digit random numbers for all distributions, simulate 5 weeks of trade for the carpenter. 5b. What was the average profit the carpenter gained over the 5 weeks you simulated? Show all of your working. [6 marks] A) £270 B) £220 C) -£50 D) £180 5c. What was the probability that the carpenter gained more than £200 in profit? [3 marks] A) 0 B) 0.5 C) 0.6 D) 0.8 A carpenter makes bespoke rocking chairs. Each week, the number of chairs that he makes matches the demand received from a furniture shop. The probability that the shop demands 10 chairs is 0.4, the probability they demand 15 chairs is 0.35 and the probability they demand 20 chairs is 0.25. Each week he works with a different type of wood, which impacts how much it costs him to make the chairs. The probability the wood per chair costs £20 is 0.3 and the probability the wood per chair costs £30 is 0.7. The furniture shop pays the carpenter an amount dependent on the quality of his work. He makes £30 per chair with probability 0.15, £40 per chair with probability 0.60 or £45 per chair with probability 0.25. 5a. Using the top hat method, provide details of how you would simulate the variability in this situation. [5 marks] For each week the carpenter's profit can be calculated using the equation Profit = Demand* (Price - Materials). Use the following rows of the random number table to generate random variables: Demand: Row 1, i.e. 18 69 84 78 85 78 40... Materials: Row 2, i.e. 90 42 07 45 05 09 10... Price: Row 3, i.e. 11 39 93 93 42 79 66... Using two digit random numbers for all distributions, simulate 5 weeks of trade for the carpenter. 5b. What was the average profit the carpenter gained over the 5 weeks you simulated? Show all of your working. [6 marks] A) £270 B) £220 C) -£50 D) £180 5c. What was the probability that the carpenter gained more than £200 in profit? [3 marks] A) 0 B) 0.5 C) 0.6 D) 0.8
Expert Answer:
Answer rating: 100% (QA)
5a Using the top hat method provide details of how you would simulate the variability in this situation 5 marks ANSWER To simulate the variability in ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In an effort to reduce the number of bottles that contain less than 1.90 liters, the bottler in Problem 6.46 sets the filling machine so that the mean is 2.02 liters. Under these circumstances, what...
-
The following table shows the number of pizzas that can be produced by a large pizza parlor employing various numbers of pizza chefs. a. Find the marginal physical product schedule of the pizza...
-
The number of days that selected U.S. metropolitan areas failed to meet acceptable air quality standards is shown below for 1998 and 2003. Construct a grouped frequency distribution with 7 classes...
-
A compound with molecular formula C 17 H 36 exhibits a 1 H NMR spectrum with only one signal. How many signals would you expect in the 13C NMR spectrum of this compound?
-
Draw a dot plot of the variable ideal number of children from the Sullivan StatCrunch survey data set. Now draw a dot plot of the variable ideal number of children from the Sullivan StatCrunch survey...
-
Why do we only get peanuts on U.S. flights? Background People always complain about the lack of complimentary meals in flights. And older people always tell stories of how in the "good old days"...
-
Financial statement analysis is a process whereby the basic financial statements are reviewed and evaluated to assess a firms financial health and/or performance. Calculating financial ratios is an...
-
1. Under what doctrine discussed in this chapter might Buy-Mart be held liable for the tort committed by Watts? 2. What is the key factor in determining whether Buy-Mart is liable under this...
-
En el ltimo ao, el precio del maz ha disminuido, sin embargo, el kilo de tortilla no baja. El lunes 26 de junio, el precio de la tortilla rond entre los 17 y 30 pesos por kilo, dependiendo del lugar...
-
Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to...
-
Ana Perez is the plant manager of Travel Free's Indiana plant. The Camper and Trailer operating departments manufacture products and have their own managers. The Office department, which Perez also...
-
Consider a sealed cylindrical container released from a height h = 3.0 m and rolling without friction on an inclined plane. How much water should be added to the container so that its final speed,...
-
Write a MATLAB script check02 that prompts for user input of a vector Yin and displays on the screen two vectors Yplus and Yminus such that Yplus and Yminus contain the positive and negative values...
-
Murray Chemical Company refines a variety of petrochemical products. These data are from the firm s Houston plant: Work - in - process inventory, September 1 4 , 4 2 0 , 0 0 0 gallons Direct...
-
Ikea revolutionized retailing from the 1950s, persuading shoppers to travel to its out-of-town stores, navigate their mazelike formats to collect their furniture, transport it home, and assemble it...
-
A 40 kg child uses a pogo stick to bounce up and down. The spring constant, k , of the toy equals 8,650 N/m. (a) By how much would the spring be compressed by the child if she simply balanced herself...
-
Find the shaded areas under the following standard normal curves. -1.34 z=0 14) Find z, for the probability value given in the diagram below : .1261 Z 0 a) O -1.451 b) O -2.214 c) O -1.745 d) O...
-
(a) How far away can a human eye distinguish two ear headlights 2.0 m apart? Consider only diffraction effects and assume an eye pupil diameter of 5.0 mm and a wavelength of 550 nm. (b) What is the...
-
Find the simple interest. 1. 2. 3. 4. 5. Principal Rate Time $800 9% 3 years 5 years $950 12.5% 14% 2- ycars $1500 8 months $775 15% $1000 10% 18 months Principal Rate Time $800 9% 3 years $950 12.5%...
-
Find the measure of x in each figure. 1. 2.
-
Each turn of a screw sinks it 3 / 16 of an inch deeper into a piece of wood. Find how deep the screw is after 8 turns. inch 16
-
A \(60 \mathrm{vol} \%\) tributyl phosphate (TBP) in kerosene solvent extracts \(\mathrm{Zr}\left(\mathrm{NO}_{3} ight)_{4}\) from an aqueous solution. Entering solvent is recycled from a solvent...
-
Many extraction systems are partially miscible at high concentrations of solute but close to immiscible at low solute concentrations. At relatively low solute concentrations both McCabe-Thiele and...
-
The aqueous two-phase system in Example 13-3 will be used in a batch extraction. \(7.5 \mathrm{~kg}\) of PEG solution contains protein at mass fraction \(\mathrm{x}_{\mathrm{F}}\). Use \(6.0...
Study smarter with the SolutionInn App