How to get an equation, graph it, and solve it?
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- Consider Bruno who manages an underwriting team in an insurance firm. Recently, the management of Bruno’s firm informed him of their decision to create a new risk assessment team, consisting of data scientists with machine learning expertise, and reduce the size of Bruno’s underwriting team. Bruno’s underwriting team will now work with the new risk assessment team in order to determine whether to provide insurance to applicants Use the model of a firm’s technology choice and graphically illustrate the management’s restructuring decision in a diagram with isocost curves. Your diagram should have the amount of human intelligence on the horizontal axis and the amount of artificial intelligence on the vertical axis. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Briefly explain the key information of your diagram.The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons ofPaintProduced EquipmentMaintenanceExpenses January 110,000 $70,700 February 68,000 66,800 March 71,000 67,000 April 77,000 68,100 May 95,000 69,200 June 101,000 70,300 July 125,000 70,400 August 95,000 68,900 September 95,000 69,500 October 89,000 68,600 November 128,000 72,800 December 122,000 71,450 A. Using the high-low method, express the company’s maintenance costs as an equation where x represents the gallons of paint produced. Then estimate the fixed and variable costs. Fixed cost $ Variable cost $As a demand planner at Grootegeluk Mine, you want to determine the monthly sales forecast of coal (in tonnes). Table 1, below, depicts the volume of coal sold by the mine for each of the 12 months of 2022.Table 1: Volume of coal sold monthly during 2022 Year Monthly volume (tonne s) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 21 23 34 37 40 51 54 50 48 36 39 42 1. Using the three-month weighted moving average method, calculate the monthly forecasts for April 2022 to January 2023 by assigning weights of 0.1, 0.3, and 0.6 (the oldest data to the most recent data, respectively) (Round off forecast values to one decimal place). 2. Calculate the mean absolute deviation (MAD) of the forecasts for April 2022 to December 2022 (Round off the answer to two decimal place). 3.
- 2) NaserCo Wants to display it products within 10,000 feet square according to the following Data: Cost of Other Needed space Cost of each Sales storing extra each price per of each Unit Unit Product cost Unit (in feet) per unit 5 Unit A 50 2 80 20 B 90 3 7 115 15 C 180 5 10 250 30 D 230 7 8 300 40 NaserCo decided to 1. Display at least 10 units of each Product A and B. 2. Display at most 20 units of product C and D. 3. the capital prepared for buying is 250000 dinar. Find the Linear programming form of the above problem.Kpogas produces chairs and tables. Using economic forecast for the next month, Kpogas’ marketing manager has judged that during that period, it will be possible to sell as many chairs or tables as the company can produce. Management must now recommend a production target for next month. That is, how many chairs and tables should be produced if Kpogas’ management wishes to maximize next month’s profit contribution? Making this decision requires a consideration of the following key factors: ● Kpogas’s unit contribution margin is GH¢ 5,000 on each chair that is sold and GH¢ 4,000 on each table that is sold. ● Each product is put through Kpogas’s machining operations in both department A and department B. For next month’s production, the two departments have 150 and 160 hours available time, respectively. Each chair produced uses 10 hours of machining in department A and 20 hours of machining in department B, whereas each table produced uses 15 hours of machining in department A and 10…A manager uses this equation to predict demand for landscaping services: Ft= 10 + 5t Over the past eight periods, demand has been as follows: Period, t: 1 Demand: 15 2 21 Period, t Tracking signal 1 2 3 4 5 6 7 8 3 23 30 5 32 6 38 42 Click here for the Excel Data File Compute the tracking signals for Periods 1-8. (Negative values should be indicated by a minus sign. Round your intermediate calculations and final answers to 3 decimal places.) 8 47
- The purpose of the Maricopa Association of Governments (MAG) is to achieve which of the following? It is a charter government association for the county. It is an organization that receives state funds for county projects. It is a group that meets to collaborate on project ideas. It is the largest Council of Government (COG) in Arizona and is a regional planning agency for funds received from the federal government.2. Consider the transportation problem having the following parameter table (M is a big positive number) Source Demand 1 12345 2 3 5 1 2 3 343800 13 14 4 18 3 0 130940 Destination 4 5 22 29 18 21 M 3 5 26M940 16 M 11 24 34 19 23 11 4 6 Supply 0 ooooo 0 6 0 0 36 28 0 5 6 2 56743 (a) Use the northwest corner rule manually to obtain a complete initial BF solution, also find the objective value for this solution. How many basic variables are there in this solution? (b) Use Vogel's approximation method manually to select the first basic variable for an initial BF solution. (Attention, do not need to find an complete initial BF solution, just find the first BV for this initial BF solution)The manager wants to forecast the month 6's sales using the following historical data: Months Month 1 Month 2 Month 3 Month 4 Month 5 Sales 20 25 32 35 38 Please use the weight 0.45 for Month 5, weight 0.25 for Month 4, weight 0.2 for Month 3, and weight 0.1 for Month 2 to use the weighted moving average to forecast the demand of Month 5.
- Cost Estimation; High-Low and Regression Methods The Mac Davis Company specializesin the purchase, renovation, and resale of older homes. Mac employs several carpenters and paintersto do the work for him. It is essential for him to have accurate cost estimates so he can determinetotal renovation costs before he purchases a piece of property. If estimated renovation costs plus thepurchase price of a house are higher than the house’s estimated resale value, it is not a worthwhileinvestment.Mac has been using the home’s interior square feet for his exterior paint cost estimations. Recentlyhe decided to include the number of external openings—the total number of doors and windows ina house—as a cost driver. Their cost is significant because they require time-consuming preparatorywork and careful brushwork. The rest of the house usually is painted either by rollers or spray guns,which are relatively efficient ways to apply paint to a large area. Mac has kept careful records of theseexterior…5. The manager of a fast-food restaurant featuring hamburgers is adding salads to the menu. If they choose to include a salad bar (i.e., the MAKE option), it will cost $14,000 in annual fixed costs for the leased equipment and added employee, and $1 per salad variable cost. If they choose to have pre-made salads (i.e., the BUY option), it will cost $3 per salad. The manager expects to sell 7,500 salads per year. What is the make or buy quantity (i.e., the breakeven point between making vs. buying)?West Company’s contribution format income statement for March 2020 is givenbelow:Sales (15,000 units X $30 per unit) $450,000Variable expenses 315,000Contribution margin 135,000Fixed expenses 90,000Net operating income $ 45,000The industry in which West Company operates is quite sensitive to regularmovements in the economy. Thus, profits vary considerably from year to yearaccording to general economic conditions. The company has a large amount ofunused capacity and is studying ways of improving profits.Required:The company CEO has asked you as a Senior Manager to evaluate the belowsituations with recommendations:1- New equipment has come onto the market that would allow WestCompany to automate a portion of its operations. Variable expenseswould be reduced by $9 per unit. However, fixed expenses wouldincrease to a total of $225,000 each month. How Net Income wouldappear if the new equipment were purchased. As a Senior Manager,what factor/s would be paramount in your mind deciding…