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Tutor profile: Vishal N.

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Vishal N.
Mentor and Analytics Professional for 10+ Years
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Questions

Subject: Numerical Analysis

TutorMe
Question:

A company is deciding what price to sell its new product in the market. It has the following details. Plan 1 Plan 2 Cost/Unit $ = 7 7 Selling Price/Unit $ = 10 8 Units Sales (Forecast) = 20 35 If the company wants to maximise its profits then which plan should it adopt?

Inactive
Vishal N.
Answer:

The company should adopt Plan 1 because it maximises the profits. Plan 1 Plan 2 Total Cost = 140 245 Sales $ = 200 280 Profit = 60 35 Total Cost = Cost/Unit $ x Units Sold (Forecast) Sales $ = Selling Price/Unit $ x Units Sold (Forecast) Profit = Sales $ - Total Cost or Profit = (Selling Price/Unit $ - Cost/Unit $) x Units Sold (Forecast)

Subject: Marketing

TutorMe
Question:

Is there a difference between advertising and promotion?

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Vishal N.
Answer:

Yes, both advertising and promotion are different terminologies. Advertising is a subset of Promotion. Promotion is a broader term which includes advertising, sales promotion, direct selling, exhibitions and trade shows.

Subject: Statistics

TutorMe
Question:

Imagine that you are driving on a road that has speed-breakers and your vehicle can cross the speed-breaker if the speed-breaker is 1.5 feet high and 1 foot wide else the vehicle will sustain serious damage. If someone tells you that there are 5 speed-breakers that are exactly 1 foot wide, but their average height is 1.3 feet. In such a scenario would you drive on the road or look for another road to drive on? (You don't want your vehicle to sustain any damages).

Inactive
Vishal N.
Answer:

You should probably look for another road to drive on because the average height can be calculated as: Height (ft) Speed-breaker #1 = 2.5 Speed-breaker #2 = 1 Speed-breaker #3 = 1 Speed-breaker #4 = 1 Speed-breaker #5 = 1 Average = (2.5+1+1+1+1)/5 = 1.3 or Height Speed-breaker #1 = 1.3 Speed-breaker #2 = 1.3 Speed-breaker #3 = 1.3 Speed-breaker #4 = 1.3 Speed-breaker #5 = 1.3 Average = (1.3+1.3+1.3+1.3+1.3)/5 = 1.3 Hence there is a chance that the height of the speed-breaker maybe more than 1 foot high which means that there is a probability that your vehicle may get damaged while crossing the speed-breaker.

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