Restaurant customers tip their server only 8 percent for poor service. if their tip was $3.70, how much was their bill?
2 answers:
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Answer:
Attached is the profit distribution plotted on the chart and also the detailed solution using excel
Step-by-step explanation:
To solve this problem we have to
- create a column for number of counts ( 1,2,3........1000) bids
- create a column for the cost to be incurred which is mostly dependent on the random number generated. the formula for that using excel is; 9000+ rand()*(11000-9000) for uniform distribution between the numbers
- Four(4) more columns are generated for bids of competitors by using the formula: 10000+rand()*(3*10000-10000) this because the bids that will be submitted by others bidders will vary uniformly between her mean cost and 3 times her mean cost
- Condition is checked to see if the lowest bid is. =IF(MIN(the 4 bids)>14000,1,0)
- Next the same process is carried out for 13000 and 15000
- The probability of winning is calculated in excel using this formula =Countif(value of step 4 for all the rows,1)/1000
Attached is a drawing to set up the problem, hopefully that helps.
The red lines are tracing the rowing and walking to get to other side.
dR = distance rowed
dw = distance walked
x = the angle in which to start rowing initially
dR can be found by using Law of cosines
dw is arc length, which is just radius*arc
next we need t set up a function for Time in terms of x.
This is so we can minimize the time it takes to get to other side.
Time = distance/rate
Finally, take derivative and set equal to 0
Once you solve for x, plug it back into Time function to obtain final answer.
The red lines are tracing the rowing and walking to get to other side.
dR = distance rowed
dw = distance walked
x = the angle in which to start rowing initially
dR can be found by using Law of cosines
dw is arc length, which is just radius*arc
next we need t set up a function for Time in terms of x.
This is so we can minimize the time it takes to get to other side.
Time = distance/rate
Finally, take derivative and set equal to 0
Once you solve for x, plug it back into Time function to obtain final answer.