Multiple Choice Questions Set Part 2-8

Part 2 of 8 – Part 2

The next two questions are based on
the following information.

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Paul wants to choose one of the two investment opportunities over three
possible scenarios. Investment 1 will yield a return of $10,000 in Scenario 1,
$2,000 in Scenario 2, and a negative return of -$5,000 in Scenario 3.
Investment 2 will yield a return of $6,000 in Scenario 1, $4,000 in Scenario 2,
and zero in Scenario 3. The probability for Scenario 1 is 0.2, for Scenario 2
is 0.3, and for Scenario 3 is 0.5.

Question 1 of 2

If you were to choose the investment that maximizes
Paul’s Expected Money Value (EMV), then you should choose __________.

A.Investment 1

B.Investment 2

C.Indifferent

The next two questions are based on
the following information.

Question 2 of 2

If Paul is
uncertain about the return for Investment 1 in Scenario 1, then this return has
to be dollars in order to make Paul
indifferent between these two investments (i.e. the two investments would have
the same EMV.) (Please only enter an integer and include no units.)

Part 4 of 8 – Part 4

The next three questions are based
on the following information.

A grocery store needs to sell 3,000 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
depreciation. Consider a month of 30 days.

Question 1 of 3

The
optimal order quantity is about cartons of milk, and the
average inventory is about cartons. (Please round to the closest
integer and include no units.)

Part 4 of 8 – Part 4

The next three questions are based
on the following information.

A grocery store needs to sell 3,000 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 depreciation. Consider a
month of 30 days.

Question 2 of 3

Given the optimal order quantity
calculated above, if the average inventory is 136 cartons, then the monthly
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. (Please round to two
decimal points and include no units.)

Part 4 of 8 – Part 4

The next three questions are based
on the following information.

A grocery store needs to sell 3,000 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 depreciation. Consider a
month of 30 days.

Question 3 of 3

The reorder point is cartons. (Please only enter an
integer and include no units.)

Part
5 of 8 – Part 5

The next two questions are based
on the following information.

A cafeteria wants to introduce a new burger, with bread and beef together
weighing at least 1 ounce. The cafeteria manage also wants the new burger to
meet a new nutrition standard, i.e. contains at least 7 units of Vitamin A
and 10 units of Vitamin B. Each ounce of beef contains 1 unit Vitamin A and 6
units of Vitamin B, while each ounce of bread contains 2 units Vitamin A and
1 units of Vitamin B. The price of beef is $0.5 per ounce and the price of
bread is $0.1 per ounce.

Question 1 of 2

5.0 Points

To
minimize the cost, the cafeteria should use ounces of beef and ounces of bread to make the
new burger. (Please round to two decimal points and include no
units.)

Part 5 of 8 – Part 5

The next two questions are based
on the following information.

Question 2 of 2

If
the cafeteria uses 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, (Please round
to two decimal points and include no units.) and the content of
Vitamin A is while that for Vitamin B is . (Please round to the closest
integer and include no units for the last two answers.)
Mark for Review What’s This?

Part 6 of 8 – Part 6

The next three
questions are based on the following information.
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 X100 and type X220. Each crude oil differs not
only in cost per barrel, but in composition as well. The following table
indicates the percentage of crucial ingredients found in each of the crude oils
and the cost per barrel for each:

CRUDE
OIL TYPE

INGREDIENT
A (%)

INGREDIENT
B (%)

COST/BARREL
($)

X100

30.00

X220

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 barrels 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 will
assume for the sake of this example that one barrel of crude oil will yield
0.46 barrel of gasoline.
Hint: You may
refer to the Low Knock Oil Company example analyzed on page 326-327 in the
textbook (Program 8.9), and simply adjust your constraints for the demands
accordingly.

Question 1 of 3

3.0 Points

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

Part 6 of 8 – Part 6

CRUDE
OIL TYPE

INGREDIENT
A (%)

INGREDIENT
B (%)

COST/BARREL
($)

X100

30.00

X220

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 barrels 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 will assume
for the sake of this example that one barrel of crude oil will yield 0.46
barrel of gasoline.
Hint: You may
refer to the Low Knock Oil Company example analyzed on page 326-327 in the
textbook (Program 8.9), and simply adjust your constraints for the demands
accordingly.

Question 2 of 3

3.0 Points

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 barrel. (Please round to the closest
integer and include no units.)

Part
6 of 8 – Part 6

The next
three questions are based on the following information.
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 X100 and type X220. Each crude oil
differs not only in cost per barrel, but in composition as well. The
following table indicates the percentage of crucial ingredients found in each
of the crude oils and the cost per barrel for each:

CRUDE OIL TYPE

INGREDIENT A (%)

INGREDIENT B (%)

COST/BARREL ($)

X100

30.00

X220

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 barrels 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
will assume for the sake of this example that one barrel of crude oil will
yield 0.46 barrel of gasoline.
Hint: You may
refer to the Low Knock Oil Company example analyzed on page 326-327 in the
textbook (Program 8.9), and simply adjust your constraints for the demands
accordingly.

Question 3 of 3

To
minimize the production cost, the optimal amount of X100
crude oil used in producing economy gasoline is barrels, and the optimal
amount of X220 crude oil used in producing economygasoline
is barrel. (Please round to the closest
integer and include no units.)

Part 7 of 8 – Part 7

The next four questions are based
on the following information. At a car wash station, on average, there are 4
cars coming in for the 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.

Question 1 of 4

The
average time a car spent in the waiting line is hours, and the total time a
car spent in this car wash station is hour. (Please round to two
decimal points and include no units.)

Part 7 of 8 – Part 7

The next four questions are based on
the following information. At a car wash station, on average, there are 4 cars
coming in for the 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.

Question 2 of 4

The average number of cars in this
car wash station is . (Please round to the closest
integer and include no units.)

Part
7 of 8 – Part 7

Question 3 of 4

The
probability that there are no cars in this station is . (Please round to one
decimal points and include no units.)

Part
7 of 8 – Part 7

Question 4 of 4

The
probability that there are exactly two cars in this station is . (Please round to three
decimal points and include no units.)

Part
8 of 8 – Part 8

The next three questions are based
on the following information.

To study the weight accuracy of a 50lb fertilizer bag, 12 samples of 12 bags
of fertilizer in each sample were taken and the results are as follows.

Mean

Range

Sample
1

1.1

Sample
2

1.31

Sample
3

0.91

Sample
4

1.1

Sample
5

1.21

Sample
6

0.82

Sample
7

0.86

Sample
8

1.11

Sample
9

1.12

Sample
10

0.99

Sample
11

0.86

Sample
12

1.2

Question 1 of 3

The
overall average weight of a bag of fertilizer is pound, and the average range
is pound. (Please round to two
decimal points and include no units.)

Part 8 of 8 – Part 8

The next three questions are based
on the following information.

To study the weight accuracy of a 50lb fertilizer bag, 12 samples of 12 bags of
fertilizer in each sample were taken and the results are as follows.

Mean

Range

Sample 1

1.1

Sample 2

1.31

Sample 3

0.91

Sample 4

1.1

Sample 5

1.21

Sample 6

0.82

Sample 7

0.86

Sample 8

1.11

Sample 9

1.12

Sample 10

0.99

Sample 11

0.86

Sample 12

1.2

Question 2 of 3

The upper control limit for
a 99.7% control chart for the mean is pound, and the lower
control limit is pound. (Please round to two
decimal points and include no units. Please enter the upper limit first.)

Part 8 of 8 – Part 8

The next three questions are based
on the following information.

To study the weight accuracy of a 50lb fertilizer bag, 12 samples of 12 bags of
fertilizer in each sample were taken and the results are as follows.

Mean

Range

Sample 1

1.1

Sample 2

1.31

Sample 3

0.91

Sample 4

1.1

Sample 5

1.21

Sample 6

0.82

Sample 7

0.86

Sample 8

1.11

Sample 9

1.12

Sample 10

0.99

Sample 11

0.86

Sample 12

1.2

Question 3 of 3

The upper control limit for
a 99.7% control chart for the range is pound, and the lower
control limit is pound. (Please round to two
decimal points and include no units. Please enter the upper limit first.)

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Multiple Choice Questions Set Part 2-8

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