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...Running head: JULIA’S FOOD BOOTH 1 Case Study Julia’s Food Booth Susan Dawson Strayer University JULIA’S FOOD BOOTH 2 Case Study: Julia’s Food Booth In this case study, we are asked to determine if Julia Robertson, a senior at Tech, should finance her final year at Tech in part by opening a food booth outside the stadium at home football games. We are also asked to determine if she should borrow more money, hire preparation assistance and what could go wrong. Julia is considering opening a food booth outside the stadium at six (6) home football games at a booth rental charge of $1,000.00 per game. Due to existing regulations, she knows she can only sell food or drinks, not both. She has determined the most popular food items are slices of pizza, hot dogs and barbecue sandwiches and that most food sales occur during the hour before the game and during half-time. She has been able to secure a deal with a pizza delivery company to deliver 14” pizzas, 8 slices each, for $6.00 and, because of demand, she must prepare the other food in advance and keep it warm ahead of sales. She found that she can rent a warming oven with 16 shelves, each 3’ x 4’, for a seasonal cost of $600.00 or $100.00 per game. Julia has $1,500.00 available to purchase food for the first game. Thereafter...

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...with Ohio State, but turned it down to stay at Syracuse. g. Boeheim reached the National Championship again in 1996, however falling short to a Kentucky team coached by former Syracuse assistant, and present Louisville coach Rick Pitino. Boeheim became in danger of becoming “the coach that can’t win the big one” h. That changed in 2003 when Boeheim landed the highly ranked recruit Carmelo Anthony, helping Carmelo Anthony produce one of the best freshman seasons in NCAA history and finally earning the National Championship. The program was on top of the world thanks to Boeheim. The recruiting was the best it could be and Syracuse was now considered a national powerhouse. i. In 2005 Boeheim achieved the ultimate basketball tribute when he was inducted into the Naismith Memorial Basketball Hall of Fame, and receiving John Wooden’s “Legends of Coaching” Award in April of that year. j. Boeheim can also be seen on the bench of the USA Men’s Basketball program, were in 2001 he was named USA Basketball National Coach of the year after leading the Young Men’s Team to a gold medal at the World Championship in Japan. In 2005 Boeheim was selected to be the assistant for the US Senior Men’s team, winning two gold medals in Beijing and London. k. The four-time Big East Coach of the Year earned his first Coach of the Year award in 2010 after leading Syracuse to an unexpected 30-5 record. l. Along with being a legendary coach, Boeheim is a contributor of......

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...Assignment 3: Julia’s Food Booth Case Problem Marie O. Huddleston MAT 540 – Quantitative Methods December 4, 2013 Dr. Bashir M. Dweik A) Formulate and solve a L.P. model for Julia’s Food Booth. Variables: X1 = pizza slices X2 = hot dogs X3 = barbeque sandwiches. Maximize Z = ($0.75 X1) + ($1.05 X2) + ($1.35 X3) Subject to: ($0.75 X1) + ($0.45 X2) + ($.90 X3) <= $1,500 (24 X1) + (16 X2) + (25 X3) <= 55,296 inches squared oven space X1 >= X2 + X3 (X2/X3) >= 2.0 X1, X2, X3 >=0 Solution: X1 = 1250 pizza slices X2 = 1250 hot dogs X3 = 0 barbeque sandwiches Z = $2,250 Julia will generate revenues of $2,250 for her first game. the leasing of the booth will cost her $1,000/game, so she is left with $1,250. The cost of leasing the warming oven is 600 for 6 games, which comes to $100/game. She will make a profit of $1,150 for her first game. Also see Excel Spreadsheet file tabs 1 & 2 B) Evaluate the prospect of borrowing money before the first game. Yes, she would increase her profit if she borrowed more money. The shadow price, or dual value, is $1.50 for each additional dollar she earns. The upper limit given in the model is $1,658.88, which means she can only borrow $158.88 giving her an additional profit of $238.32. C) Evaluate the prospect of paying a friend $100/game to assist. Yes, I think Julia should hire her friend for $100 per game. In order for Julia to prepare the hot dogs......

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...Tribute Amanda Ree “Sunshine” Little-Wright June 10, 2013 Joshua of old declared, “Choose you this day whom ye will serve; BUT as for me and my house, we will serve the Lord.” Dear Family: The bible declared that Behold I show you a mystery; We shall not all sleep, but we shall all be changed, In a moment, in the twinkling of an eye, at the last trump: I must say without notice..I had a choice whether to remain down here in this land of discomfort or whether to receive my transition in a Land that begins a NEW LIFE for me….Family at this time I do apologize But as God (with his gracious and good self) extended his “UNMISTAKEN” hands to my NEW 20/20 vision eyesight to snatch me up out of my bed of affliction……I begin to look back over the years….and as I reflected back over the years…. I thought about OUT of ALL I been through… “MY joy still remained.” I love you but my God loves me more….so at this time may I PLEASE be excused? Excused from perseverance (throughout the years) tormoiling with much sickness, kidney dialysis, being pushed around in a wheel chair, Aided daily, living a short term lifestyle in a Nursing Home, being cut on surgery after surgery after surgery…may I please be excuse!!! Even though…..inspite of …under the contrary ONCE AGAIN….the devil is ONCE again defeated…I’ll Always Win!!! During this season in time everyone is celebrating the 2013 Graduates…I too celebrate my graduation….I apologize…I didn’t have time to hand you a written invitation...

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...Tribute speech Although, I’m not the first born son or daughter; there is a unique bond shared between my father and I. Even though it has never been said, it’s just known that I am his favorite! I have always been told it is because I am the baby of the family: daddys little girl. But as he recalls, I was his good luck charm starting from the moment I was conceived. You see my father faced numerous hardships and struggled his way to get to where he is now. He was raised with 10 other siblings from one of the poorest towns in Pakistan. He would tell me how growing up, he would always aspire to come to America because back home that meant you would be somebody. And he did just that! In 1970, he finished his bachelors at the top of his class in Pakistan and from there he applied for a Student Visa to complete his masters in the US. He had begged his parents to pay for his plane ticket, promising them he would return double the amount as he reaches America; the land of opportunity. However as he set forth to explore his new home he quickly realized it wasn’t an easy ride to success. There were various obstacles he would have to overcome which the average American wouldn’t have to. He continues telling me how he came from a 3rd world country with literally $30 in his pocket, no family or friends near and his biggest disadvantage being the language barrier. Wanting to fulfill the promise he made to his parents, he set out on his journey. Juggling an......

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...Assignment #3: Case Problem "Julia's Food Booth" Complete the "Julia's Food Booth" case problem on page 109 of the text. Address each of the issues A - D according the instructions given. (A) Formulate and solve an L.P. model for this case. See Excel worksheet. (B) Evaluate the prospect of borrowing money before the first game. I would suggest that Julia consider borrowing money before the first game to open up her food booth. According to the first constraint, she is subject to a $1,500 budget with a potential to make a profit of $2,250 if she were to sell all her pizza and hot dogs. This result yields a profit of $750 or 50%. Even if no sales were made, the potential is high, considering the opportunity. Plus, I am sure that a small initial investment is not detrimental to her personal funds, to where if things did not go as planned, she could recover the funds. (C) Evaluate the prospect of paying a friend $100/game to assist. I would suggest that Julia consult a friend for $100/game to assist in her food booth. After running a break-even analysis (see Excel), holding all things constant, where she only sells pizza and hot dogs, she would have to sell 67 slices of pizza and 48 hotdogs to break-even after paying her friend $100. This does not seem too farfetched, considering her maximum sales, given these constraints, is 1,250 slices of pizza and 1,250 hot dogs, only about 5% and 4% of maximum sales, respectively. On top of that, Julia may need the help to......

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...sandwiches) This constraint can be rewritten as: X2-2X3>=0 X1, X2, X3 >= 0 Model: Maximize Total profit Z = $0.75X1 + 1.10X2 +1.25X3 Subject to: 0.75X1+0.50X2+1.00X3=0 (at least twice as many hot dogs as barbeque sandwiches) X1, X2, X3 >= 0 (Non negativity constraint) B. Solve the linear programming model using a computer for Julia that will help you advise her if she should lease the booth. In this solution, determine the number of pizza slices, hot dogs and barbecue sandwiches she should sell at each game. Also determine the revenues, cost and profit; and do an analysis of how much money she actually will make each game given the expenses of each game. Do an analysis of the profit solution and what impact it has on Julia’s ability to have sufficient funds for the next home game to purchase and prepare the food. What would you recommend to Julia? Following table shows the Excel solver solution for the model: |Target Cell (Max) | | | | | | |Cell |Name |Original Value |Final Value | | | | |$E$6 | | $ 2,102.01 | $ 2,102.01 | | | | | | | ......

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...Case 3 - Julia's Food Booth | | | | | | | | | | | | | | | | | |Constraints: | | | |Available |Usage |Left over | | |Budget ($) |0.75 |0.45 |0.90 | 1,500 | 1,500.00 |0 | | |Oven space (sq. in.) |24 |16 |25 | 55,296 | 50,000.00 |5296 | | |Demand |1 |-1 |-1 |0 | - |0 | | |Demand |0 |1 |-2 |0 | 1,250.00 |-1250 | | | | | | | | | | | |Adjustable Cells | | | | | | | | | |Final |Reduced |Objective |Allowable |Allowable | | |Cell |Name |Value |Cost |Coefficient |Increase |Decrease ...

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... 24.5p + 16h + 25s = 0 p, h, s >= 0 The maximum profit occurs when p = 1250, h=1250, and s=0 and Z = $2250 To produce the maximum results Julia should stock 1250 slices of pizza, and 1250 hot dogs, and 0 sandwiches. (B) Evaluate the prospect of borrowing money before the first game. It is clear from the report that the shadow price for the budget is 1.50 and allowable increase is 138.4 Therefore, each dollar added to the budget will increase profit by $1.50 with a maximum increase of $138.40. Therefore the maximum amount Julia can borrow is $138.40 which will produce an additional profit of 138.4 x 1.5 = $207.60. Space is the factor which constrains Julia’s from borrowing more money. (C) Evaluate the prospect of paying a friend $100/game to assist. If Julia’s feels she needs help than $100 would still keep her above the $1000 dollar profit margin. Therefore, if Julia cannot handle the work load alone it would be advisable for her to hire some help. If she is able to handle the work load herself, then she could keep that $100 for herself. (D) Analyze the impact of uncertainties on the model. The biggest uncertainty in this model is demand. Although Julia may have a good idea of what people will buy and not buy during the game, the demand can shift from game to game and is not always constant. Therefore, if the demand changes then the solution to the LP will change, and may affect her ability to make a profit greater than $1000. From......

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...A TRIBUTE TO OLIVER WILLIAMSON: Institutions, Politics, and Non-Market Strategy Rui J. P. de Figueiredo, Jr. liver Williamson is best known for his contributions to economics, and particularly to our understanding of how private ﬁrms are deﬁned, operate, and change. Williamson’s primary application addressed the question of why some economic transactions were organized within a private ﬁrm, while others took place outside of a ﬁrm, in the market. Despite this focus, Williamson’s reach and impact has extended far beyond the domain of private ﬁrms and markets. Certainly suitable for a scholar who has been so vocally interdisciplinary in his approach to the study of institutions and organizations, Williamson’s work has also made critical contributions to the understanding of political institutions speciﬁcally, and politics more generally. O From Transaction Cost Economics to Transaction Cost Politics At its heart, Williamson’s deep analysis of organization through the “lens of contract” is not restricted to private ﬁrms competing for economic proﬁts. The theory and empirical analysis outlined and developed by Williamson, and those working through the framework he provides, focus on issues of governance more broadly: how activities, exchanges, or transactions are appropriately (or at times inappropriately) organized to minimize transaction costs. Put another way, one of Williamson’s signal contributions was to note that the way in which social activity is......

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...Julia's Food Booth Part A (Formulate) | | | | | Step 1: | Define the decision variables: | | | | | | x1 | = | How many hot dogs to produce to maximize profit | | | x2 | = | How many BBQ Sandwiches to produce to maximize profit | | x3 | = | How many Cheese Pizza slices to sell to maximize profit | | | | | | | | | | | Step 2: | Define the objective function. | | | | | | Maximize the profits of Julia's booth. | | | | | | | | | | | | | | | | | | Cost | Selling Price | Profit | | | | | Profit of Pizza = | $ 0.75 | $ 1.50 | $ 0.75 | | | | | Profit of BBQ = | $ 0.90 | $ 2.25 | $ 1.35 | | | | | Profit of Hot Dog = | $ 0.45 | $ 1.50 | $ 1.05 | | | | | | | | | | | | | | Maximize Z = | $1.05x1 | + | $1.35x2 | + | $.75x3 | | | | | | | | | | | Step 3: | Define the constraints: | | | | | | Size of the shelves in the warming oven (space is a constraint). | | | | | | | | | | | | | | Budget Constraint = | $0.45x1 + $0.90x2 + $0.75x3 <=$1,500 | | | | | | | | | | | | | Space Constraint = | Total Space in Oven = | 192 | Sq Ft | | | | | | | | 27648 | in sq | | | | | She is refilling at half time = | 55296 | in sq | | | | | | | | | | | | | | Space required for a pizza = | 196 | in sq | | | | | for a slice of......

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...sandwiches) This constraint can be rewritten as: X2-2X3>=0 X1, X2, X3 >= 0 Model: Maximize Total profit Z = $0.75X1 + 1.10X2 +1.25X3 Subject to: 0.75X1+0.50X2+1.00X3=0 (at least twice as many hot dogs as barbeque sandwiches) X1, X2, X3 >= 0 (Non negativity constraint) B. Solve the linear programming model using a computer for Julia that will help you advise her if she should lease the booth. In this solution, determine the number of pizza slices, hot dogs and barbecue sandwiches she should sell at each game. Also determine the revenues, cost and profit; and do an analysis of how much money she actually will make each game given the expenses of each game. Do an analysis of the profit solution and what impact it has on Julia’s ability to have sufficient funds for the next home game to purchase and prepare the food. What would you recommend to Julia? Following table shows the Excel solver solution for the model: |Target Cell (Max) | | | | | | |Cell |Name |Original Value |Final Value | | | | |$E$6 | | $ 2,102.01 | $ 2,102.01 | | | | | | | ......

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...Assignment 3 Julia’s food booth A).Formulate and solve a linear programming model for Julia that will help you advise her if she should lease the booth. X1=number of cheese pizza slices X2=number of hot dogs X3=number of BBQ sandwiches Julia Food Booth | | | | | | | | | | | | | | | | Products | Pizza X1 | Hot Dog X2 | Barb Sand X3 | | | | | Profit per unit | $0.75 | $1.05 | $1.35 | Resources | Constraints | | | | Avail | Usage | Left Over | | Budget (i) | $0.75 | $0.45 | $0.90 | 1500 | 1500 | 0 | | Oven Space (ii) | 24 | 16 | 25 | 55,296 | 50000 | 5296 | | Demand (iii) | 1 | -1 | -1 | 0 | -2.3E-13 | 2.27E-13 | | Demand (iv) | 0 | 1 | -2 | 0 | 1250 | -1250 | | | | | | | | | | | | | | | | | | Production | | | | | | | | Pizza | 1250 | | | | | | | Hotdogs | 1250 | | | | | | | Barbecue | 0 | | | | | | | Profit | 2250 | | | | | | | B). If Julia were to borrow money from a friend before the first game to purchase more ingredients, could she increase her profit? If so, how much should she borrow and how much additional profit would she make? What factor constrains her from borrowing even more money than this amount? Yes, Julia could increase her profit if she borrowed from a friend. The shadow price is 1.50 for each additional dollar that she earns. This was found by looking at the sensitivity analysis report from the computer solution output. The......

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...Ambyr Braxton Tribute/Eulogy Speech Final Draft April 3, 2012 A Tribute to the Little Man, Alon Well, I’m pretty sure we all know that there are countless instances when someone would need to write a tribute speech. It could be for a graduation, a wedding, or in my case this class assignment. The hardest part about writing a tribute speech is finding the right words to say that’ll make this person seem godly, but for Alon, my little brother, I had no trouble finding words that tell just why I admire him. Born in the month of August on the 22, Alon came into a world, crazy as it is, on an unplanned pregnancy. Most people would say it’s hard to do a tribute speech on someone so young, but really they’re some of the best people to do a tribute on. Alon, being only three years old is one of the kindest, most honest people I know of. His short black curly hair and small features such as his nose and his ears show the innocent Alon still has because he hasn’t been influenced by the world he lives in yet and is still, obviously, growing up. I know that every time I look into those almond shaped brown eyes of him, I’m looking into the eyes of someone whose eyes are blind and unknown to lies. Getting an honest opinion from him isn’t hard, seeing that’s all I get from him. Still being so young, Alon’s mind is as honest as it gets because he hasn’t had the experiences an older person would have, he hasn’t been influenced by anyone else, so when asked what he thinks of......

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...Case Problem Julia's Food Booth Assignment #3 Case Problem Julia's Food Booth A: Formulation of the LP Model X1(Pizza), X2(hotdogs), X3(barbecue sandwiches) Constraints: Cost: Maximum fund available for the purchase = $1500 Cost per pizza slice = $6 (get 8 slices) =6/8 = $0.75 Cost for a hotdog = $.45 Cost for a barbecue sandwich = $.90 Constraint: 0.75X1 + 0.45X2+ 0.90(X3) ≤ 1500 Oven space: Space available = 3 x 4 x 16 = 192 sq. feet = 192 x 12 x 12 =27648 sq. inches The oven will be refilled before half time- 27648 x 2 = 55296 Space required for pizza = 14 x 14 = 196 sq. inches Space required for pizza slice = 196/ 8 = 24.50 sq. inches Space required for a hotdog=16 Space required for a barbecue sandwich = 25 Constraint: 24.50 (X1) + 16 (X2) + 25 (X3) ≤ 55296 Constraint: Julia can sell at least as many slices of pizza(X1) as hot dogs(x2) and barbecue sandwiches (X3) combined Constraint: X1 ≥ X2 + X3 = X1 - X2 - X3 ≥ 0 Julia can sell at least twice as many hot dogs as barbecue sandwiches X2/X3 ≥ 2 = X2 ≥2 X3 =X2 - 2 X3 ≥ 0 X1, X2, X3 >= 0 (Non negativity constraint) Objective Function (Maximize Profit): Profit =Sell- Cost Profit function: Z = 0.75 X1 + 1.05 X2 + 1.35 X3 LPP Model: Maximize Z = 0.75 X1 + 1.05 X2 + 1.35 X3 Subject to 24.5 X1 + 16 X2 + 25 X3 ≤ 55296 0.75 X1 + 0.45 X2 + 0.90 X3 ≤ 1500 X1 - X2 - X3 ≥ 0 X2 - 2 X3 ≥ 0 X1≥ 0, X2≥ 0 and X3......

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