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2 years ago

If Leland changed its price from $11 to $9, how would the company’s marginal revenue have changed?

Business

1 answer:

inna [77]2 years ago

7 0

If the price drops from $11 to $9 demand will become high because the smaller the cost the more the demand.

<h3>Theory of Demand and Supply</h3>

The relationship between demand and supply is such that the higher the price the lower the demand and vice versa.

It should be noted also that the market forces are greatly influenced by demand and supply.

Learn more about demand and supply here:

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Which of these is true about the cash cow?

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After the civil war, what became the major form of business organization because of its ability to raise money through the sale

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You are the newly assigned project manager to a major IT upgrade project in your global company. How will you determine the risk

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I have to identify the risk factors in the project and then gauge the willingness of the company to take such risks.

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Sarah was in a meeting where various vendors were being considered. She noticed that one of the vendors had a history of mistrea

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3 years ago

Read 2 more answers

The bank is working to develop an efficient work schedule for full-time and part-time tellers. The schedule must provide for eff

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Answer:

The solution is given below.

Explanation:

It is a practical, complex scheduling problem that can be easily modelled and solved as IP. Note that part time and full time employees are paid at different rates. So, it is important that the bank operates to provide required service level (indicated by the number of tellers per hour) while minimizing total cost due to staff salary.

We use x as full time and y as part time staff.

It would help if you construct a table as shown below to better analyze the problem before attempting to model it. Red shows work hrs of full time staff and green is for part timers. Just follow their work hour rules.

So, full timers have 3 options:

(i) start at 9 – work till 1pm, take 1 hr break, then work 2 – 5 pm

(ii) start at 10 – work till 2pm, take 1 hr break, then work 3 – 6 pm

(iii) start at 11 – work till 3pm, take 1 hr break, then work 4 – 7 pm

that’s all… bank closes at 7 pm.

However, part timers don’t have 1 hr break. They work straight 4 hrs and leave. See green cells above to understand their alternatives.

Now, decision variables should include this work hour information. Here goes their definition. You must clearly define decision variables in exam, otherwise, the model is meaningless.

X9 = number of full time staff who start at 9 and follow the hour-related rule (no need to specify more details; those are already undestood)

X10 = number of full time staff who start at 10 and follow the hour-related rule

X11 = number of full time staff who start at 11 and follow the hour-related rule

Y9 = number of part time staff who start at 9 and follow the hour-related rule

Y10 = number of part time staff who start at 10 and follow the hour-related rule

…. This way you define up to Y15.

You must also specify that:

Xi, Yi >=0, integers.

Objective Function:

Minimize Z = 105*(x9 + x10 + x11) + 32* (y9 + y10 + … + y 15)

You will need one “covering” constraint for each working hour. Both full and part-timers can “cover” the duty of each hour. Look at the color-coded table (above) column-wise. The 9:00-10:00 hour can be covered only by x9 and y9 staff; next hour by x9, x10, y9, y10 only,… and so on. So, the

constraints are: (attached with image)

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2 years ago