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a) Profit Formula

Profit = Revenue – Cost

Average Profit = 110,418/20 = 5520.91

Average Revenue = 147,832.60/20 = 7391.63

Average Radios = 776/20 = 39

Average TVs= 1092/20 = 55

Average VCRs= 920/20 = 46

5520.91 = 7391.63 – (39w1 + 55w2 + 46w3)

Where w1 – Cost of one unit of Radio

W2 - Cost of one unit of TV

W3 - Cost of one unit of VCR

b) The best profit model to use is the Product focused Model.

In this model, the best way to increase profit is increase the number of the products sold.

The higher the sales the higher the profit.

c) Other considerations

The unit revenue and unit cost for each units of the three products should be considered.

To make maximum profits, more products of the one with max revenue and minimum

cost should be sold. This is the only way to ensure that maximum margins are achieved

from the business.

d) Recommendations

In using the model care should be taken not to compromise on quality of the electronics

as we push for numbers. Compromise in quality may have a long term negative effect as

customers may reduce their confidence in the company’s products.

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a) Profit Formula Profit = Revenue – Cost Average Profit = 110,418/20 Average Revenue = 147,832.60/20 = 7391.63 Average Radios = 776/20 = 39 Average TVs= 1092/20 = 55 Average VCRs= = 5520.91 920/20 = 46 5520.91 = 7391.63 – (39w1 + 55w2 + 46w3) Where w1 – Cost of one unit of Radi ...
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Discuss the process for hypothesis testing, statistics homework help

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Discuss the process for hypothesis testing, statistics homework help

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