The management of Madeira Computing is considering the introduction of a wearable electronic device with the functionality of a laptop computer and phone. The fixed cost to launch this new product is $300,000. The variable cost for the product is expected to be between $166 and $246, with a most likely value of $206 per unit. The product will sell for $300 per unit. Demand for the product is expected to range from 0 to approximately 20,000 units, with 4,000 units the most likely.
Model the variable cost as a uniform random variable with a minimum of $166 and a maximum of $246. Model the product demand as 1,000 times the value of a gamma random variable with an alpha parameter of 3 and a beta parameter of 2. Construct a simulation model to estimate the average profit and the probability that the project will result in a loss. (Use at least 1,000 trials.)
a. Develop a what-if spreadsheet model computing profit (in $) for this product in the base-case, worst-case, and best-case scenarios.
b. What is the average profit (in $)? (Round your answer to the nearest thousand.)
c. What is the probability the project will result in a loss? (Round your answer to three decimal places.)
Determine whether the value is a discrete random variable, continuous random variable, or not a random variable. a. The number of hits to a website in a day b. The square footage of a house c. The gender of college students d. The time required to download a file from the Internet e. The number of bald eagles in a country f. The number of points scored during a basketball game a. Is the number of hits to a website in a day a discrete random variable, a continuous random variable, or not a random variable? O A. It is a continuous random variable. O B. It is a discrete random variable. O C. It is not a random variable. b. Is the square footage of a house a discrete random variable, a continuous random variable, or not a random variable? O A. It is a discrete random variable. O B. It is a continuous random variable. O C. It is not a random variable c. Is the gender of college students a discrete random variable, a continuous random variable, or not a random variable? O A. It is a discrete random variable. O B. It is a continuous random variable. O C. It is not a random variable. d. Is the time required to download a file from the Internet a discrete random variable, a continuous random variable, or not a random variable? Click to select your answer. Save for LaterLet X a normal random variable with mean / and variance of . Consider Z = X - H Then Z isa O normal random variable standard normal random variable O geometric random variable O uniform continuous random variable O Bernoulli random variable O Binomial random variable O exponential random variableConsider a Markov chain { Xn } with state space S' = {0, 1, 2} and transition matrix P = Let the mapping f : S -> S satisfy f(0) = 0 and f(2) = 1 and assume that f(1) # f(2). If Ym = f(X ), then when is { Y } a Markov chain? Is {Ym } always a Markov chain? In other words, are functions of Markov chains always Markov chains?Determine whether the following value is a continuous random variable, discrete random variable, or not a random variable. 4. The number of textbook authors now eating a meal b. The "yes" or "no" response to a survey question c. The height of a randomly selected person d. The number of light bulbs that burn out in the next year in a room with 20 bulbs e. The number of home runs in a baseball game f. The amount of rain in City A during July a. is the number of textbook authors now eating a meal a discrete random variable, continuous random variable, or not a random variable? O A. It is a continuous random variable O B. It is a discrete random variable. O C. It is not a random variable b. is the "you" or "no" response to a survey question a discrole random variable, continuous random variable, or not a random variable? A It is a discrete random variable. O.B, It is a continuous random variable, O C. It is not a random variable. c. is the height of a randomly selected person a discrete random variable, continuous random venable, or not a random variable? A. it is a discrete random variable. O B. It is a continuous random variable. C C, it has not a random variable d. le the number of light bulbs that burn out in the next year in a room with 20 bulbs a ciacrete random vanable, continuous random variable, or not a random vanable? O A. It is a disccle random variable
