Julia’s Food Booth
Strayer University
Quantitative Methods MAT 540
December 12, 2012
Dr. L. Joseph

Introduction

Julia is a senior at Tech, and she’s investigating different ways to finance her final year at school. She is considering leasing a food booth outside the Tech stadium at home football games. Tech sells out every home game, and Julia knows, from attending the games herself, that everyone eats a lot of food. She has a booth, and the booths are not very large. Vendors can sell either food or drinks on Tech property, but not both. Only the Tech athletic department concession stands can sell both inside the stadium. She thinks slices of cheese pizza, hot dogs, and barbecue sandwiches are the most popular food items among fans and so these are the items she would sell.

If Julia clears at least $1,000 in profit for each game after paying all her expenses, she believes it will be worth leasing the booth.

A. Formulate a linear programming model for this case.

Decision Variables

Representing “x1” as pizza slices, “x2” as hot dogs, and “x3” as barbeque sandwich

The Objective Function

The objective is to maximize total profit. Profit is calculated for each variable by subtracting cost from the selling price.

...Robertson is considering renting a foodbooth at her school. She is seeking ways to finance her last year and thought that a foodbooth outside her school’s stadium would be ideal. Her goal is to earn the most money possible thereby increasing her earnings. In this case problem, she decided to sell pizza, hotdogs and BBQ sandwiches. The following LP model illustrates the maximum net profit and constraints that will determine whether...

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MAT540 MIDTERM EXAM
1. Deterministic techniques assume that no uncertainty exists in model parameters.
2. A continuous random variable may assume only integer values within a given interval.
3. A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously.
4. A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.
5....

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MAT540 MIDTERM EXAM
1. Regret is the difference between the payoff from the best decision and all other decision payoffs.
2. Variable costs are independent of volume and remain constant.
3. Regret is the difference between the payoff from the
4 A _________ period of real time is represented by a __________ period of simulated time.
5. A seasonal pattern is an up-and-down repetitive movement within a trend occurring...

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MAT540 Midterm Exam
1. Deterministic techniques assume that no uncertainty exists in model parameters.
2. A continuous random variable may assume only integer values within a given interval.
3. An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is 0.736.
4. A decision tree is a diagram consisting of circles decision...

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MAT540 Week 4 Homework
Chapter 15 problems
2. The manager of the Carpet City outlet needs to make an accurate forecast of the demand for SoftShag carpet (its biggest seller).If the manager does not order enough carpet from the carpet mill,customers will buy their carpet from one of Carpet City’s many competitors. The manager has collected the following demand data for the past 8 months:
Month Demand for Soft Shag Carpet (1,000 yd.)...

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MAT540 Week 2 Quiz
Question 1
If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
Question 2
Parameters are known, constant values that are usually coefficients of variables in equations.
Question 3
Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 4
In general, an increase in price increases the break even point if all costs are held...

...Final Examination
Math 540 Quantitative Methods
Good luck on the exam. I hope you have enjoyed the course. Dr. West
Multiple Choice (2 points each) (Select 8 – drop 1)
______1) For your project, what one way will not possibly generate increased profit?
a) Increase your building space or lot size.
b) Decrease the money paid to employees.
c) Refinance the loan at a lower rate.
d)...

...Question 1 .2 out of 2 points
Correct Fixed cost is the difference between total cost and total variable cost.
Answer
Selected Answer: True
Correct Answer: True
. Question 2 .0 out of 2 points
Incorrect If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
Answer
Selected Answer: True
Correct Answer: False
. Question 3 .2 out of 2 points
Correct Probabilistic techniques assume that no...