Please help below Homework-1 CHAPTER-1 PROBLEMS Problem-1: Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special occasions. Since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. 1. If Gina sells 20 shirts, what will her total revenue be? What will her total variable cost be? 2. How many shirts must Gina sell to break even? What is the total revenue forthis? Problem-2: Ray Bond sells handcrafted yard decorations at county fairs. The variable cost to make these is $20 each, and he sells them for $50. The cost to rent a booth at the fair is $150. How many of these must Ray sell to break even? Problem-3: Ray Bond in previous problem is trying to find a new supplier that will reduce his variable cost of production to $15 per unit. If he was able to succeed in reducing this cost, what would the break-even point be? GAME THEORY PROBLEMS (AVAILABLE FROM PDF FILE ON COURSE WEBSITE, PAGE M4-10 & M4-11) M4-8; M4-9; M4-10; M4-15 CHAPTER-2 PROBLEMS Problem-1: 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: GRADE NUMBER OF STUDENTS A 80 B 75 C 90 D 30 F 25 Total 300 If this past distribution is a good indicator of future grades, what is the probability of a student receiving a C in the course? Homework-1 Problem-2: A silver dollar is flipped twice. Calculate the probability of each of the following occurring: (a) a head on the first flip (b) a tail on the second flip given that the first toss was a head (c) two tails (d) a tail on the first and a head on the second (e) a tail on the first and a head on the second or a head on the first and a tail on thesecond (f) at least one head on the two flips Problem-3: Which of the following are probability distributions? Why? (a) RANDOM VARIABLE X PROBABILITY 2 0.1 -1 0.2 0 0.3 1 0.25 2 0.15 (b) RANDOM VARIABLE Y PROBABILITY 1 1.1 1.5 0.2 2 0.3 2.5 0.25 3 -1.25 (c) RANDOM VARIABLE Z PROBABILITY 1 0.1 2 0.2 3 0.3 4 0.4 5 0.0 Problem-4: Steve Goodman, production foreman for the Florida Gold Fruit Company, estimates that the average sale of oranges is 4,700 and the standard deviation is 500 oranges. Sales follow a normal distribution. What is the probability that sales will be greater than 5,500oranges? What is the probability that sales will be greater than 4,500oranges? What is the probability that sales will be less than 4,900oranges? What is the probability that sales will be less than 4,300oranges? Homework-1 Problem-5: The time to complete a construction project is normally distributed with a mean of 60 weeks and a standard deviation of 4 weeks. What is the probability the project will be finished in 62 weeks orless? What is the probability the project will be finished in 66 weeks orless? What is the probability the project will take longer than 65 weeks? Problem-6: Patients arrive at the emergency room of Costa Valley Hospital at an average of 5 per day. The demand for emergency room treatment at Costa Valley follows a Poisson distribution. Compute the probability of exactly 0, 1, 2, 3, 4, and 5 arrivals per day. What is the sum of these probabilities?