Description
i have an assignment in management science.All the information will be given to the assigned tutor .Just two pages of writing based on the information that will be given.
Explanation & Answer
Attached.
Running head: SELECTION OF PRODUCTION QUANTITY
1
Selection of Production Quantity
Names:
Institution:
SELECTION OF PRODUCTION QUANTITY
2
Selection of production quantity
The music festival simulation model provides various scenarios that could happen based
on different selections of the production cost. As can be identified in the model, the amount of
income that could be generated differs significantly based on the selected production quantity
and the demand at any given time. The demand for the products has an impact on the number the
quantity that is purchased, which then affects other expenses such as the production costs. Fixed
costs do not vary regardless of the variations in the demand of the product and the quantity
produced. However, the standard deviation of the income varies from one trial to the next based
on the demand and the selected production quantity. ...
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