When advertising and promotional efforts to sell a product or service address a specific demographic, e.g., age, gender, or ethn
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Answer: The complete table is as follows:
Explanation:
The following are the formulas for calculating marginal product , total revenue and marginal revenue product:
Marginal product =
Total revenue = Price × Quantity
Marginal revenue Product = Marginal product × Price
By using these formulas, I have completed the following table:
Answer:
Explanation:
Given that:
weekly demand = 72 units
no of weeks in 1 year = 48
Then; total demand = 72 × 48 = 3456 units
No of orders =
=
∴
The periodic review (P) =
=
= 0.041956 year
≅ 2 weeks
Z score based on 88 percent service level = NORMSINV(0.88) = 1.18
Here;
Lead time = 3 wks
P = 2 weeks
Thus protection interval = ( 3+2) weeks
= 5 weeks
Safety stock = z-score × std dev. of demand at (P+L) days
std dev = = 2.236 × 18
std dev = 40.248 units
Safety stock = 1.18 × 40.248
safety stock = 47.49 units
Safety stock ≅ 48 units
Average demand during(P + L) = 5 × 72 units
= 360 units
Target inventory level = average demand + safety stock
= 360 units + 48 units
= 408 units