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B-BANA402LC BSA43 1st Sem ( 2022-2023 )

Enabling Assessment 4 - QTB Part II

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Question 1
A store sells four products, F, O, U and R. The store manager has made random number assignments as follows:

Product Assignment

F 0-1

O 2-6

U 7-8

R 9

What is the probability that a customer will select Product F?

Response: 20%

Question 2
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A company is selling a particular product which was sold for P 1.00 each and the cost per unit was P 0.30. The
frequency distribution of the demand of the product is:

Unit sales volume Probability

2,000 0.10
3,000 0.15
4,000 0.20
5,000 0.35
6,000 0.20

What is the estimated demand for this product using the deterministic value approach?

Response: 5,000 units

Question 3
A beverage stand can sell either soft drinks or coffee on any given day. If the stand sells soft drinks and the weather
is hot, it will make P 2,500; if the weather is cold, the profit will be P 1,000. If the stand sells coffee and the
weather is hot, it will make P 1,900; if the weather is cold, the profit will be P 2,000. The probability of cold
weather on a given day at this time is 60%.

Considering only the information given, if the probability of hot weather forecast is 50%, then how much would
the vendor be willing to pay for the forecast?

Response: P 300

Question 4
A construction contractor has been invited to submit a bid on a large and complicated construction project. The
preparation of the bid proposal will cost about P 20,000. Management feels that if the company bids low enough to
result in a net profit P 50,000, there would be a 60% chance of getting the job. If the company bids high enough to
result in a P 100,000 net profit, the chance of getting the contract would be only 20%. What should the company
do?

Response: Bid low, enough to allow for P 50,000 profit since the expected value of payoff is P 22,000

Question 5
A particular manufacturing job is subject to an estimated 90% learning curve. The first unit required 50 labor hours
to complete. What is the cumulative average time per unit after four units are completed?

Response: 40.5 hours

Question 6
A company is selling a particular product which was sold for P 1.00 each and the cost per unit was P 0.30. The
frequency distribution of the demand of the product is:

Unit sales volume Probability

2,000 0.10
3,000 0.15
4,000 0.20
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5,000 0.35
6,000 0.20

What is the conditional profit of having 4,000 units available but only selling 3,000 units?

Response: P 1,800

Question 7
If a cost function behaves that the average costs per unit of output decline systematically as cumulative production
doubles, the cost function is referred to as

Response: Parabolic curve

Question 8
Lemon Company manufactured the first batch of product in 10 hours. The second batch took additional 6 hours.
What percentage learning curve occurred? (whole number)

Response: 80%

Question 9
A company is selling a particular product which was sold for P 1.00 each and the cost per unit was P 0.30. The
frequency distribution of the demand of the product is:

Unit sales volume Probability

2,000 0.10
3,000 0.15
4,000 0.20
5,000 0.35
6,000 0.20

What is the estimated demand for this product using an expected value approach?

Response: 4,400 units

Question 10
A wine maker must decide whether to harvest grapes now or in four weeks. Harvesting now will yield 100,000
bottles of wine, netting P 2 per bottle. If the wine maker waits for four weeks and weather turns cold (probability of
20%), the yield will be cut in half but net P 3 per bottle. If the weather does not turn cold, the yield will depend on
rain. With rain (probability: 50%), a full yield netting P 4 per bottle will result. Without rain, there will still be a
full 100,000 bottle yield, but the net amount will be P 3 per bottle only. What is the optimal expected value?

Response: P 310,000

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