If the cost of labor does not increase over the next 6 years, how much less will the cherry bookshelf cost than what it would cost if the labor cost did increase by 1.5% each year.Explain

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Each question is worth 5 points making 15 possible points for each assignment.

Modeling Assignment 1

Question 1. What is the ultimate dependent variable in the model?
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Question 2. What is the decision variable?
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Question 3. Change the discount price to $8. Now try inputting several different order values higher than the demand. What happens to the profit?
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Modeling Assignment 2

Question 1. If the cost of labor does not increase over the next 6 years, how much less will the cherry bookshelf cost than what it would cost if the labor cost did increase by 1.5% each year.

Question 2. If the projected annual increase in cost per board-foot of cherry and oak wood were swapped, and the projected annual increase in labor cost remained 1.5%, which bookshelf would cost more 6 years from now? Cherry or Oak?

Question 3. What would the projected annual increase in cost per board-foot of oak wood need to be in order for the cost of oak bookshelves to reach the cost of cherry bookshelves in 6 years, assuming that the projected annual increase in cost per board-foot of cherry wood remained 2.4% and the projected annual increase of labor cost remained 1.5%.
Modeling Assignment 3

Question 1. Is the relationship between response rate and profit positive or negative? Is it linear or exponential?

Question 2. How much profit will the company make if they mail 50,000 catalogs and assume a 5% response rate?

Question 3. What response rate is needed to break even when mailing 50,000 catalogs?

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