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A department store faces a decision for a seasonal product for which demand can be high, medium or low. The purchaser can order 1, 2 or 3 lots of this product before the season begins but cannot reorder later. Profit projections (in thousands of euro) are shown below
1. If the probabilities are 0.3 for high, 0.3 for medium and 0.4 for low, what is the recommended order quantity? Calculate the expected return based on these values.
2. Simulate twenty seasons and identify the recommended order quantity from this simulation.
3. Calculate the average return based on the simulated demand and compare your result with the expected return.
Katie's school has a rectangular courtyard whose area can be expressed as 3x 2 - 7x + 2. Which of the following could be the dimensions of the courtyard in terms of x? Since t
Charlie needs to know the area of his property, that measures 120 ft through 150 ft. Which formula will he use? The area of a rectangle is length × width.
The Lognormal Distribution If ln(X) is a normally distributed random variable, then X is said to be a lognormal variable. If P1, P2, P3, ... are the prices of a scrip in per
Solve 3 + 2 ln ( x /7+3 ) = -4 . Solution This initial step in this problem is to get the logarithm by itself on one side of the equation along with a coefficient of 1.
mean absolue deviation
trigonometric ratios of sum and difference of two angles
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