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Y = C + I0 + G0
C = α + β
Where: = Y – T
Y = Income
T = Taxes
Compute the equilibrium level of income and consumption (4 marks)
Arrival rate per hour
Service rate per hour
i. The photocopier utilization rate.
ii. Percentage of times that an arrival has not to wait. (2 marks)
i. Determine the mixed strategies (4 marks)
Calculate the value of the game.
End of Month
Probability of failure to date
The cost of replacing an individual bulb is Sh. 60. If all the bulbs are replaced simultaneously it would cost Sh. 25 per bulb. Any one of the following two options can be followed to replace the bulbs:-
i. Replace the bulbs individually when they fail (individual replacement policy)
ii. Replace all the bulbs simultaneously at fixed intervals (Group replacement policy)
Find out the optimal replacement policy? If group policy is optimal, find at what equal intervals should all the bulbs be replaced?
i. Determine the EOQ and the optimal number of orders placed in a year. (3 marks)
ii. Determine the optimum production lot size and the average duration of the production run. (4 marks)
iii. Should the company manufacture the component internally or continue to purchase it from the supplier? (5 marks)