Business Analytics, 2nd Edition Test Bank

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Business Analytics, 2e365Business Analytics(Evans)Supplementary Chapter ANonlinear and Non-Smooth OptimizationUse the table below to answer the following question(s).Bolton Computer'sLaptopPricing DecisionInputsPriceModelSales-3.85 × price + 1150.9OutputsTotal revenuesales × price1) Bolton Computers are planning to release a new line of low-end laptops. Using Excel'sSolver,develop a nonlinear model to calculate the optimal price for the laptops, given that sales = -3.85× price + 1150.9.A) 342.40B) 380.90C) 719.70D) 149.47Answer: DDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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366Supplementary Chapter A: Nonlinear and Non-Smooth Optimization2) According to the nonlinear model, which of the following is the expected sales figure basedon the computed price?A) 149.47B) 719.7C) 575.45D) 500Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.3) According to the nonlinear model, which of the following is the total revenue expected fromthe sales?A) 22,340.91B) 86,011.09C) 107,571.78D) 74,733.77Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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Business Analytics, 2e367Use the table below to create a nonlinear model based on the table to answer the followingquestion(s).The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. Theyhave three classes of tickets: Classic, Silver, and Gold. The table below provides information onthe average ticket sales, revenue and price elasticity on demand. They have a total seatingcapacity of 300. The table also provides the price range within which they plan to reduce theirticket rates.Atlas MovieTheaterTicketingDataTicket ClassCurrentRateAverageDailySoldElasticityTotalSeatingCapacityPrice RangeClassic$8.45150-1.5300$6.50$7.50Silver$13.2580-2$11.50$12.50Gold$17.5030-1$15.50$16.504) According to the nonlinear model, what is the new price for Classic tickets?A) $7.50B) $12.45C) $6.50D) $8.20Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.5) According to the nonlinear model, what is the new price for Silver tickets?A) $7.40B) $12.17C) $11.50D) $12.50Answer: BDiff: 1Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.

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368Supplementary Chapter A: Nonlinear and Non-Smooth OptimizationLO2: Use a modern software tool to perform statistical calculations.6) According to the nonlinear model, what is the new price for Gold tickets?A) $16.50B) $15.50C) $16D) $16.11Answer: ADiff: 1Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.7) According to the nonlinear model, which of the following is the projected sales figure forClassic tickets at the new price?A) 32B) 90C) 175D) 202Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.8) According to the nonlinear model, which of the following is the projected sales figure forSilver tickets at the new price?A) 93B) 178C) 202D) 101Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.9) According to the nonlinear model, which of the following is the projected sales figure forGold tickets at the new price?A) 32B) 90C) 33

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Business Analytics, 2e369D) 178Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.10) According to the nonlinear model, which of the following is the projected revenue figure forClassic tickets based on its new price?A) $1,314.72B) $1,116.03C) $521.68D) $1,312.52Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.11) According to the nonlinear model, which of the following is the projected revenue figure forSilver tickets based on its new price?A) $1,163.02B) $1,132.08C) $1,224.63D) $1,316.92Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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370Supplementary Chapter A: Nonlinear and Non-Smooth Optimization12) According to the nonlinear model, which of the following is the projected revenue figure forGold tickets based on its new price?A) $432.93B) $1,316.92C) $1,116.03D) $523.29Answer: DDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.13) According to the nonlinear model, which of the following is the total projected revenue forthe new sales figures?A) $1,637.72B) $2,970.09C) $1,316.92D) $2,865.89Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.14) Which of the following is true of the nonlinear model created for the Atlas movie ticketrepricing scenario?A) The projected revenue for the Gold class is infeasible within the price range provided.B) The projected value for most tickets sold is for the Silver class.C) The total projected tickets sold exceed the total seating capacity.D) The projected revenue is lowest for the Gold tickets.Answer: DDiff: 3Blooms: UnderstandAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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Business Analytics, 2e37115) Which of the following is the rectilinear distance between the pointsA(13,15) andB(10,12)?A) 4B) 25C) 6D) 10Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.Use the table below to answer the following question(s).Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the responsibility tomanage potential customers for 5 of the Realty's bungalows. These 5 bungalows are situated inclose proximity. In order to make traveling easier, Shirley decides to move to a location closer tothe 5 bungalows. The table below gives the location (X and Y coordinates) of the 5 bungalowsalong with the number of trips she would have to make to each bungalow. Create a nonlinearmodel based on the data given in the table below noting that the objective is to reduce theweighted distance between Shirley's accommodation and the 5 bungalows.Bungalow LocationDataLocationX-coordinateY-coordinateTrips/MonthBungalow 1006Bungalow 22510030Bungalow 3207515Bungalow 4908028Bungalow 5601001016) According to the model, what is theX-coordinate for the location of Shirley's newaccommodation?A) 54.62B) 36.53C) 25D) 23.12Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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372Supplementary Chapter A: Nonlinear and Non-Smooth Optimization17) According to the model, what is theY-coordinate for the location of Shirley's newaccommodation?A) 91.16B) 25.08C) 98.21D) 54.62Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.18) According to the model, what is the distance between Shirley's new accommodation andBungalow 1?A) 36.53B) 14.53C) 98.21D) 23.12Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.19) According to the model, what is the distance between Shirley's new accommodation andBungalow 2?A) 91.16B) 23.12C) 98.21D) 14.53Answer: DDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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Business Analytics, 2e37320) According to the model, what is the distance between Shirley's new accommodation andBungalow 3?A) 54.62B) 25.08C) 36.53D) 23.12Answer: DDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.21) According to the model, what is the distance between Shirley's new accommodation andBungalow 4?A) 14.53B) 250.78C) 54.62D) 98.21Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.22) According to the model, what is the distance between Shirley's new accommodation andBungalow 5?A) 54.62B) 25.08C) 14.53D) 91.16Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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374Supplementary Chapter A: Nonlinear and Non-Smooth Optimization23) According to the model, what is the weighted distance between Shirley's newaccommodation and Bungalow 1?A) 589.25B) 435.89C) 346.77D) 3152.08Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.24) According to the model, what is the weighted distance between Shirley's newaccommodation and Bungalow 2?A) 435.89B) 250.78C) 1529.39D) 589.25Answer: ADiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.25) According to the model, what is the weighted distance between Shirley's newaccommodation and Bungalow 3?A) 3152.08B) 1529.39C) 346.77D) 250.78Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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Business Analytics, 2e37526) According to the model, what is the weighted distance between Shirley's newaccommodation and Bungalow 4?A) 589.25B) 346.77C) 1529.39D) 3152.08Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.27) According to the model, what is the weighted distance between Shirley's newaccommodation and Bungalow 5?A) 435.89B) 1529.39C) 589.25D) 250.78Answer: DDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.28) According to the model, what is the total weighted distance that Shirley would travelbetween the bungalows?A) 4151.29B) 1529.39C) 3152.08D) 4305.30Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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376Supplementary Chapter A: Nonlinear and Non-Smooth Optimization29) According to the model, which of the following bungalows is Shirley's new accommodationclosest to?A) Bungalow 1B) Bungalow 5C) Bungalow 2D) Bungalow 4Answer: CDiff: 2Blooms: UnderstandAACSB: Analytic SkillsTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.30) Given thatQ= order quantity,D= annual demand,C= unit cost of the item,C0 = cost perorder placed,i= inventory carrying charge per unit, which of the following represents theholding cost per unit?A)D/QB)iCC)(D/Q)C0D)iCQ/2Answer: BDiff: 2Blooms: RememberTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.31) In an Economic Order-Quantity (EOQ) model, ________ is the estimate on how long it takesan order to be received after it is placed.A) lead timeB) safety stockC) time limitD) cycle timeAnswer: ADiff: 2Blooms: RememberTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.

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Business Analytics, 2e37732) Which of the following is the ideal next step if you get the message "Solverhas converged tothe current solution./All constraints are satisfied," when usingSolverfor nonlinear optimizationmodels?A) Accept the values, but runSolveragain from the current solution.B) Do not accept theSolvervalues and re-runSolverwith the starting values.C) Accept the values and run simulations with different values.D) Accept the values, and then tweak the values, and re-runSolveron tweaked values.Answer: ADiff: 2Blooms: UnderstandTopic: Modeling and Solving Nonlinear Optimization ProblemsLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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378Supplementary Chapter A: Nonlinear and Non-Smooth OptimizationUse the table below to answer the following question(s).Jonathan Reese is considering three stocks in which to invest with a fixed budget. The tablebelow provides information on Jonathan's expected returns for each stock. The table alsoprovides information, collected from market researchers, on the variance-covariance matrix ofthe individual stocks. He expects a total return of at least 10%.Reese's StockInvestmentPlanDataExpectedVariance-Covariance MatrixReturnStock 1Stock 2Stock 3Stock 110%Stock 10.0210.018-0.003Stock 211%Stock 20.0180.0700.006Stock 39%Stock 3-0.0030.0060.003TargetReturn10%Develop a quadratic optimization model to find the optimal allocation of the budget to eachstock, and variance calculations for squared terms and cross-products based on the variance-covariance matrix.33) According to the model, what percentage of the budget should be allocated to Stock 1?A) 10%B) 25%C) 50%D) 40%Answer: CDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Quadratic OptimizationLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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Business Analytics, 2e37934) According to the model, what percentage of the budget should be allocated to Stock 2?A) 90%B) 25%C) 50%D) 75%Answer: BDiff: 1Blooms: ApplyAACSB: Analytic SkillsTopic: Quadratic OptimizationLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.35) According to the model, what percentage of the budget should be allocated to Stock 3?A) 40%B) 20%C) 25%D) 75%Answer: CDiff: 1Blooms: ApplyAACSB: Analytic SkillsTopic: Quadratic OptimizationLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.36) According to the model, what is the squared term value for Stock 1 variance?A) 0.00065B) 0.00535C) 0.01132D) 0.00283Answer: BDiff: 2Blooms: ApplyAACSB: Analytic SkillsTopic: Quadratic OptimizationLO1: Develop and solve nonlinear optimization models for different applications.LO2: Use a modern software tool to perform statistical calculations.

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