Question 3 (7 marks) First introduced in Los Angeles, the concept of Korean-style tacos sold from...

Question 3

First introduced in Los Angeles, the concept of Korean-style tacos sold from a catering truck has been gain popularity nationally. This taco is an interesting mix of corn tortillas with Korean-style beef, garnished with onion, cilantro, and a hash of chilli-soy-dressed lettuce. The owners have estimated that the daily consumption of beef is normally distributed. Further, the middle 99.73% of daily beef consumption is between 12 and 36 pounds.

What is the mean and standard deviation of the daily consumption of beef? Justify your answers.

Determine the amount of beef the owners should buy so that it meets demand on 80% of days. (1 mark)

What is the probability that the mean of 16 days will have more than 23.2 pounds of beef consumption?

(Note: If you cannot find the mean and standard deviation in a, state that. Then choose a reasonable mean and standard deviation and do the remaining questions.)

Solutions

Expert Solution

Empirical Rule of Normal:

If X is a normal random variable, then the probability that X lies within 3 standard deviations of the mean is 0.9973

Central Limit Theorem:

orchestra answered 1 year ago

Next > < Previous

Related Solutions

An airline charges $2,100 for a first-class roundtrip ticket from Boston to Los Angeles

An airline charges $2,100 for a first-class roundtrip ticket from Boston to Los Angeles,and charges $370 for an economy-class roundtrip ticket on the same route. The airlineobserves that every seat in economy class is full, and that much of the first-class cabin isempty. Sketch a graph that represents the supply and demand for first-class roundtriptickets in this market. Briefly explain why this first-class ticket market is not inequilibrium when the daily price of a ticket is $2,100. On your graph,...

question1: An airline charges $2,100 for a first-class roundtrip ticket from Boston to Los Angeles and...

question1: An airline charges $2,100 for a first-class roundtrip ticket from Boston to Los Angeles and charges $370 for an economy-class roundtrip ticket on the same route. The airline observes that every seat in economy class is full and that much of the first-class cabin is empty. Sketch a graph that represents the supply and demand for first-class roundtrip tickets in this market. Briefly explain why this first-class ticket market is not in equilibrium when the daily price of a...

Question 3 (7 marks) (Note this question is from the Week 7 Tutorial) Oliver, while he...

Question 3 (Note this question is from the Week 7 Tutorial) Oliver, while he was so drunk that he didn’t know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Oliver didn’t know what he was doing. However, after Oliver sobered up, he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Oliver bound to the contract? Required: Answer this question...

Question 3 (7 marks) (Note this question is from the Week 6 Tutorial) (a) Explain the...

Question 3 (Note this question is from the Week 6 Tutorial) (a) Explain the ways in which a company may expand by obtaining new assets. (1 mark) (b) Jamuna River Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel of assets, measured at net fair value, consisted of: Balance of Accounts: ($)___ Plant 150,000 Land 240,000 Vehicles 120,000 Accounts receivable 30,000 Accounts payable (48,000) Total 492,000 Required: Prepare journal entries to...

Question 1 (7 marks) (This question is from the Week 3 Tutorial) You have reviewed the...

Question 1 (This question is from the Week 3 Tutorial) You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd for the year ended 30 June 20X8 and you have noted the following two independent matters: (i) In testing investments in listed securities, Raymond selected all shareholdings with a market value above $200,000 and checked them to the closing market value reported by the Australian Stock Exchange (ASX) to determine the net realisable...

estion 1 (7 marks) (This question is from the Week 3 Tutorial) You have reviewed the...

estion 1 (This question is from the Week 3 Tutorial) You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd for the year ended 30 June 20X8 and you have noted the following two independent matters: (i) In testing investments in listed securities, Raymond selected all shareholdings with a market value above $200,000 and checked them to the closing market value reported by the Australian Stock Exchange (ASX) to determine the net realisable...

Question 2 (7 marks) (Note this question is from the Week 4 Tutorial) (a) What are...

Question 2 (Note this question is from the Week 4 Tutorial) (a) What are the most common reasons for a corporation to reduce its share capital? (b) What are the allowable methods of reducing share capital? (c) Discuss the differences between a share buyback and a capital reduction. (d) What are the different types of debt instruments discussed in this unit? (1 mark)

Question 3 10 marks Barton Company requested a large loan from First National bank to acquire...

Question 3 10 marks Barton Company requested a large loan from First National bank to acquire a large piece of land for future expansion. Bart reported current assets of R1,900 ,000 (R430 000 in cash) and current liabilities of R1,075,000. FNB denied the request for a number of reasons. When the Company received the news, the financial controller immediately paid R420 000 that was owed to several trade creditors. He then asked the bank to reconsider the loan application. Based...

Question 1 (7 marks) (This question is from the Week 1 Tutorial) James, a sole trader,...

Question 1 (This question is from the Week 1 Tutorial) James, a sole trader, is considering registering his business as a company. James wants to establish limited liability for himself as a director, shareholder, and employee of the company. Advise James on the following questions a) and b) as stated below: a) Does the creation of a company absolutely remove him from any potential liability for injury, loss, or contracts made by his company? (3.5 marks) b) Would James need...

Question 4 (7 marks) (This question is from the Week 9 Tutorial) Alice has an investment...

Question 4 (This question is from the Week 9 Tutorial) Alice has an investment portfolio that paid the rate of return of 23%, 12%, - 34%, 18% and 10% over the last five (5) years. Required: a. Calculate the arithmetic average return and the geometric average return of this portfolio ? b. If the following information is available for Alice’s portfolio in the forecast for next year, calculate the expected return and identify the risk of return by computing the...

Subjects