BUSN 603 MULTIPLE CHOICE QUESTIONS SET PART 2-8
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BUSN 603 MULTIPLE CHOICE QUESTIONS SET
PART 2-8
FINAL EXAM
Jane wants to set up a photo shop. The cost to
rent is $150 per week. The variable cost of making one photo is $20 and she can
sell it for $50.
1.
Jane has to sell
______ photos per week to break even
2.
If Jane sells 10 units
,her profits would be ______ dollars
Paul wants to choose one of the two
investments opportunities over three possible scenarios. Investment 1 will
yield a return of $10000 in scenario1, $2000 in scenario 2 and a negative
return of $5000 in scenario 3. Investment 2 will yield a return of $6000 in
scenario 1,$4000 in scenario 2 and zero in scenario 3. The probability 1 is
0.2,for scenario 2 is 0.3 and for scenario 3 is 0.5
1/If you were to choose the investment that
maximizes Paul’s Expected Money Value(EMV),then you should choose______
1.
Investment 1
b.Investment 2
c.Indifferent
2/If Paul is uncertain about the return for
investment 1,then this return has to be ____dollars in order to make Paul
indifferent between these two investments(i.e two investments would have the
same EMV).
Sam has a cleaning service. To better allocate
his resources, he would like to forecast his weekly order based on the order
number he received in the past 13 weeks as shown in the following table.
WEEK DEMAND
week
1
11
week
2
14
week
3 16
week
4
10
week
5
15
week
6
17
week
7
11
week
8
14
week
9
17
week
10
12
wekk
11
14
week 12
16
week
13
15
1/ Using a three week moving average , Sam’s
forecast for his week 14 order number is ________
2/ Using a three week weighted moving average
with weights 3,2,and 1 given to the most recent ,second most recent and third
most recent week, respectively, Sam’s forecast for week 14 is __________.
3/ If the MAD for moving average is 4.17 and
the MAD for weighted moving average is 2.38, then which forecast is more
accurate?
A/ Moving average
b/ Weighted moving average
c/ The same
d/Not enough information o evaluate
The Low Knock oil company produces two grades
of cut-rate gasoline for industrial distribution. The grades ,regular and
economy are produced by refining a blend of two types of crude oil type X type
100 and type X220 . Each crude oil differs not only in cost per barrel ,but in
composition as well. The following table indicate the percentage of crucial
ingredients found in each of the crude oil and the cost per barrel for each.
CRUDE OIL TYPE INGREDIENT A (%) INGREDIENT
B (%) COST/BARELL
X100
35
55
30.00
X220
60
25
34.80
Weekly demand for the regular grade of
low knock gasoline is at least 25,000 barrels and demand for the economy
is at least 32,000 barrel per week.At least 45% of each barrel of regular must
be ingredient A. At most 50% of each barrel of economy should contain
ingredient B,while the gasoline yield from one barrel of crude depends on the
type of crude and the type of processing used. We assume for the sake of this
example that one barrel of crude oil will yield 0.46 barrel of gasoline.
1/At the optimal production ,does the company
just make enough regular gasoline to meet the demand?. Does the company just
make enough economy gasoline to meet the demand?
A/Yes, yes
b/Yes,no
c/No,yes
d/No,no
2/ To minimize the production cost , the
optimal amount of X100 crude oil used in producing regular gasoline is
________barrels and the optimal amount of X220 Crude oil used in
producing regular gasoline is _______ barrels.
3/ To minimize the production cost , the
optimal amount of X100 crude oil is used in producing economy gasoline is
________barrels and the optimal amount of X220 crude oil used in producing
economy gasoline is __________.
At a car wash station , on average ,
there are 4 cars coming in for service every 10 minutes. The average wash time
is 2 minutes. The poisson distribution is appropriate for the arrival rate and
service times are exponentially distributed.Please convert all rates into cars
per hour and answer the following questions.
1/ The average time a car spent in the waiting
line is ______hours and the total time a car spent in the car wash station is
_____hour.
2/The average number of cars in this car wash
station is _______
3/ The probability that there are no cars in
this station is ________
4/ The probability that there are exactly two
cars in this station is _________
To study the weight accuracy of a 50lbs
fertilizer bag. 12 samples of 12 bags of fertilizer in each sample were
taken and the results are as follows
MEAN RANGE
Sample
1
47
1.1
Sample
2
46
1.31
Sample
3
46
0.91
Sample
4
47
1.1
Sample
5
48
1.21
Sample
6
50
0.82
Sample
7
49
0.86
Sample
8
49
1.11
Sample
9
51
1.12
Sample
10
52
0.99
Sample
11
50
0.86
Sample
12
51
1.2
1/ The overall average weight of a bag of
fertilizer is _____pound and the average range is _____pound.
2/The Upper control limit for a 99.7% control
chart for the menu is _____ pound and the lower control limit is
_____pound.
3/ The upper control limit for a 99.7% control
chart for the range is _____pound and the lower control limit is ______pound.
A grocery store needs to sell 3000 cartons of
2L 2% milk per month. The sales is relatively constant throughout the month.
The owner of this grocery store purchases milk from a supplier 50 miles
away for $2 per carton and it takes a day to restock. The holding cost per
carton per month is $1.5 and the ordering cost per order is about $18.5
including labor, gas and deperciation. Consider a month of 30 days.
1/The optimal order quantity is
about________cartons of milk and the average inventory is about _________
cartons.
2/Given the optimal order quantity calculated
above, if the average inventory is 136 cartons, then the montly holding cost is
________ dollars and the total cost including the cost of supply or the total
unit cost for all units, holding and ordering is ______dollars
3/ The reorder point is _____ cartons
A cafeteria wants to introduce a new burger
with bread and beef together weighing at least 1 ounce. The cafeteria manager
also wants the new burger to meet a new nutrition standard ,i.e contain at
least 17 units of vitamin A and 10 units of vitamin B. Each ounce of beef
containing 1 unit vitamin A and 6 units of vitamin B , while each ounce
of bread contains 2 units vitamin A and 1 unit of vitamin B. The
price of beef is $0.5 per ounce and the price of bread is $0.1 per ounce.
BUSN 603 Multiple Choice Questions Set
Part 2-8
1/ To minimize the cost , the cafeteria should
use____ounces of beef and ____ounces of bread to make the new burger .
2/ If the cafeteria use 1.18 ounces of beef
and 2.91 ounces of bread to make the new burger, the total cost of the new
burger excluding other ingredients is ____dollars and the content of
vitamin A is ____while that for vitamin B is ___.
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