STEP 1:
put numbers in order from lowest to highest
517, 517, 565, 627, 714, 728, 867, 961
STEP 2:
find the difference between the lowest and highest numbers
961 - 517= 444 ft^2 range
ANSWER: The range of the areas is 444 ft^2.
Hope this helps! :)
1) The outcomes for rolling two dice, the sample space, is as follows:
(1, 1), (1, 2), (1, 3), (1, 4), (1, 5), (1, 6)
(2, 1), (2, 2), (2, 3), (2, 4), (2, 5), (2, 6)
(3, 1), (3, 2), (3, 3), (3, 4), (3, 5), (3, 6)
(4, 1), (4, 2), (4, 3), (4, 4), (4, 5), (4, 6)
(5, 1), (5, 2), (5, 3), (5, 4), (5, 5), (5, 6)
(6, 1), (6, 2), (6, 3), (6, 4), (6, 5), (6, 6)
There are 36 outcomes in the sample space.
2) The ways to roll an odd sum when rolling two dice are:
(1, 2), (1, 4), (1, 6), (2, 1), (2, 3), (2, 5), (3, 2), (3, 4), (3, 6), (4, 1), (4, 3), (4, 5), (5, 2), (5, 4), (5, 6), (6, 1), (6, 3), (6, 5). There are 18 outcomes in this event.
3) The probability of rolling an odd sum is 18/36 = 1/2 = 0.5
Economic Order Quantity
The economic order quantity, that is, the order quantity that minimizes the inventory cost is:
300 cases of tennis balls
Data and Calculations:
Sales of tennis balls for the coming year = 10,000 units
Carrying (holding) costs per case = $10
Cost of placing orders with the manufacturer = $45 per order
Economic Order Quantity (EOQ) = square root of (2 * Annual Demand/Sales * Ordering cost)/Carrying cost per case
= square root of (2 * 10,000 * $45)/$10
= square root of 90,000
= 300 tennis balls
This implies that the distributor will place about 33 orders in the coming year. With each order, the quantity placed is 300 units. This is the economic order quantity that will minimize its inventory cost for the year.
