The management of a chain electronic store would like to develop a model for predicting the weekly sales (in thousands of dollar

Answer:

2 Days

Explanation:

To clarify, we need to restate the utility function for clarity

U=V^{1/2}

1. Probability of an illness occurring in the family is 20%

2. If an illness occurs, the total number of days impacted is calculated as:

Total vacation days = 10 days x Probability of illness = 20%

= 10 x 0.2 = 2 days

This indicates that should an illness occur based on this probability, 2 out of the 10 vacation days will be affected

3. The number of remaining vacation days to enjoy would thus be 10-2 = 8 days

This indicates that even after accounting for 2 days of potential illness, the family can still enjoy their vacation period.

V= 2 days

Answer:

This indicates a narrower competitive focus.

Explanation:

In a narrow competitive focus, a company might adopt a strategy centered around either cost leadership or differentiation. By employing a focus strategy, the business opts to produce goods or offer services aimed specifically at a particular customer segment. In a cost leadership approach, the firm could engage in activities that highlight its ability to provide the lowest price for its targeted audience. Conversely, in a differentiation approach, the firm finds its competitive edge in providing a broad array of products.

Response:

Clarification:

Last year's customer orders totaled 15000

Predicted orders for next year with a 15% rise = 15000 x 1.15 = 17250

Each customer order takes 1.5 hours to fulfill

Total time needed to satisfy customer orders = 17250 x 1.5 = 25875

Knowing that the standard work year comprises 2000 hours

Hence, the effective work year with a 2% capacity cushion

= Standard work year x ( 1 – Capacity cushion %/100)

= 2000 x 0.98  = 1960 hours

Workers required by manager

= Total time needed for orders / effective work year

= 25875 / 1960  = 13.20, rounded to 13

Thus, the manager will require 13 workers next year