If a vendor has correctly used marginal analysis to select its stock levels for the day (as
in the newsperson problem in the text), and if the profit resulting from the last unit
being sold (Cu) is $120 and the loss resulting from that unit if it is not sold (Co) is $360,
which of the following is the probability of the last unit being sold?A. Greater than 0.90
B. Greater than 0.85
C. Greater than 0.75
D. Greater than 0.25
E. None of these
From Equation 20.1, P ≤ Cu/(Cu + Co) = 120/480 = 0.25. Because P is the
probability that the unit will not be sold and 1 – P is the probability of it being sold, the
answer to this question is 1 – 0.25 or 0.75.
You are going to develop an R-chart based on range statistics, and you are using a
sample size of 9 for your charting purposes. Which of the following is the lower control
limit D3 factor for the chart?
A. 0.08
B. 0.14
C. 0.18