Assignment:
Discuss the below:
Q1. Katherine D'Ann is planning to finance her college education by selling Programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the University for the Right to sell these programs. If Katherine was able to sel1 programs for $5 each, how many would she have to sell in order to break even?
Q2. Katherine D'Ann, has become concerned that sales may fall, as the team is on a terrible losing streak and attendance has fallen off. In fact, Katherine believes that she will sell only 500 programs for the next game. If it were possible to raise the selling price of the program and still sell 500, what would the price have to be for Katherine to break even by selling 500?
Q3. Farris Billiard Supply sells all types of billiard equipment, and is considering manufacturing their own brand of pool cues. Mysti Farris, the production manager, is currently investigating the production of a standard house pool cue that should be very popular. Upon analyzing the costs, Mysti determines that the materials and labor cost for each cue is $25, and the fixed cost that must be covered is $2,400 per week. With a selling price of $40 each, how many pool cues must be sold to break even? What would the total revenue be at this break-even Point?
Q4. Mysti Farris is considering raising the selling price of each cue to $50 instead of $40. If this were done while the costs remain the same, what would the new break-even point be? What would the total revenue be at this break-even point?
Q5. Mysti Farris believes that there is a high probability that 120 pool cues can be sold if the selling price is appropriately set. What selling price would cause the break-even point to be 120?
Q6. A student taking Management Science 301 at East Haven University will receive one of the five possible grades for the course: A, B, C, D, or F. The distribution of grades over the past two years is as follows:
If this past distribution is a good indicator of future grades, what is the probability of a student receiving a C in the course?
Q7. An industrial oven used to cure sand cores for a factory manufacturing engine blocks for small cars is able to maintain constant temperatures. The temperature range of the oven follows a normal distribution with a mean of 450 F and a standard deviation of 25 F. Leslie Larsen, president of the factory, is concerned about the large number of defective cores that have been produced in the past several months. If the oven gets hotter than 475 F, the core is defective. What is the probability that the oven will cause a core to be defective? What is the probability that the temperature of the oven will range from 460 to 470 F?