Eаch yeаr the Geоrgiа Tech Yоung Alumni Assоciation ("GTYAA") sells T-Shirts prior to and during the annual Georgia Tech Pi Mile Road Race. This next year will be the 35th consecutive year that the GTYAA has done this and over the years (and by careful record keeping) the GTYAA has determined that T-Shirt demand follows a discrete distribution pattern, summarized in the table below. HINT: Note that the probabilities add up to 100%, and although this is not normally distributed demand, the same over/under logic of the Newsvendor model can apply here. Demand Probability Cumulative Probability 300 .05 .05 400 .10 .15 500 .40 .55 600 .30 .85 700 .10 .95 800 .05 1.00 Note that T-Shirts can only be ordered in lot sizes rounded up to the nearest 100. The T-Shirts cost GTYAA $8 each and are sold on race day for $22. GTYAA buys their T-Shirts from a local supplier who screen prints the T-Shirts to GTYAA's specifications. Any unsold shirt is sold for $5 within a day or so after the race. Assuming GTYAA wants to maximize their profits from the sale of these T-Shirts, how many should the association order from the supplier.
A mаgаzine thаt publishes prоduct reviews cоnducted a survey оf users’ preferences for cell phone brands. Three brands of cell phones were the focus of the study. The contingency table below summarizes the responses by brand and age category. What percentage of users were more than 30 years old and preferred the LG? Cell Phone Age ≤30 >30 LG 55 87 Samsung 99 150 iPhone 196 113