Question
In: Statistics and Probability
Fast Service Store has maintained daily sales records on its two most popular products: the Jumbo...
Fast Service Store has maintained daily sales records on its two most popular products: the Jumbo Cool Drink and the Jumbo Warm Sandwich.
|
Probability |
Jumbo Cool Drink Sales |
Jumbo Warm Sandwich Sales |
|
.15 |
75 |
20 |
|
.20 |
120 |
35 |
|
.05 |
125 |
30 |
|
.20 |
80 |
25 |
|
.30 |
90 |
15 |
|
.10 |
65 |
10 |
Using the information above, determine:
- the covariance of the probability of selling the two products.
- The correlation between the probabilities
- What does this tell you?
Solutions
orchestra answered 2 years agoRelated Solutions
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct Material
$26
$45
Direct Labor
$20
$33
Manufacturing overhead @ $54 per machine hour
$54
$108
Cost if purchased from an outside supplier
$68
$116
Annual demand (units)
$28,000
$34,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $42.
Kitchen Magician's management has a policy of filling all sales
orders, even...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct Material
$26
$45
Direct Labor
$20
$33
Manufacturing overhead @ $54 per machine hour
$54
$108
Cost if purchased from an outside supplier
$68
$116
Annual demand (units)
$28,000
$34,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $42.
Kitchen Magician's management has a policy of filling all sales
orders, even...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct material
$
18
$
28
Direct labor
11
39
Manufacturing overhead @ $46 per machine hour
46
92
Cost if purchased from an outside supplier
65
133
Annual demand (units)
34,000
40,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $23.
Kitchen Magician’s management has a policy of filling all sales...
Chef Gourmet, Inc., has assembled the following data pertaining to its two most popular products. Past...
Chef Gourmet, Inc., has assembled the following data pertaining
to its two most popular products.
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $33.
Management has a policy of filling all sales orders, even if it
means purchasing units from outside suppliers.
1.
If 56,000 machine hours are available, and management desires to
follow an optimal strategy, how many units of each product should
the firm manufacture? How many units...
Chef Gourmet, Inc., has assembled the following data pertaining to its two most popular products. Blender...
Chef Gourmet, Inc., has
assembled the following data pertaining to its two most popular
products.
Blender
Food
Processor
Direct
material
$
24
$
41
Direct labor
18
31
Manufacturing
overhead @ $50 per machine hour
50
100
Cost if purchased
from an outside supplier
66
114
Annual demand
(units)
26,000
30,000
Past experience has shown that the
fixed manufacturing overhead component included in the cost per
machine hour averages $36. Management has a policy of filling all
sales orders, even...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Direct...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Direct material
$
26
$
45
Direct labor
20
33
Manufacturing overhead @ $54 per
machine hour
54
108
Cost if purchased from an
outside supplier
68
116
Annual demand (units)
28,000
34,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $42.
Kitchen Magician’s management has a policy of filling all sales
orders, even if...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct material
$
21
$
30
Direct labor
14
42
Manufacturing overhead @ $52 per
machine hour
52
104
Cost if purchased from an
outside supplier
71
140
Annual demand (units)
37,000
46,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $26.
Kitchen Magician’s management has a policy of filling all sales...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct material
$
17
$
26
Direct labor
10
38
Manufacturing overhead @ $44 per
machine hour
44
88
Cost if purchased from an
outside supplier
64
132
Annual demand (units)
33,000
38,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $22.
Kitchen Magician’s management has a policy of filling all sales...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct material
$
17
$
26
Direct labor
10
38
Manufacturing overhead @ $44 per machine hour
44
88
Cost if purchased from an outside supplier
64
132
Annual demand (units)
33,000
38,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $22.
Kitchen Magician’s management has a policy of filling all sales...
Kitchen Magician, Inc. has assembled the following data pertaining to its two most popular products. Blender...
Kitchen Magician, Inc. has assembled the following data
pertaining to its two most popular products.
Blender
Electric Mixer
Direct material
$
22
$
32
Direct labor
15
43
Manufacturing overhead @ $54 per machine hour
54
108
Cost if purchased from an outside supplier
75
146
Annual demand (units)
38,000
45,000
Past experience has shown that the fixed manufacturing overhead
component included in the cost per machine hour averages $27.
Kitchen Magician’s management has a policy of filling all sales...
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