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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.
how many numbers must be selected from the set A={1, 3, 5, 7, 9, 11, 13, 15}to guarantee that at least one pair of these numbers add up to16? Explain and justify your answer
98+3
If Var(x) = 4, find Var (3x+8), where X is a random variable. Var (ax+b) = a 2 Var x Var (3x+8) = 3 2 Var x = 36
How are Indian customers visiting Shoppers’ Stop any different from customers of developed western countries?
a) How many equivalence relations on {a, b, c, d, e, f} have b) How many arrangements are there of c) How many triangles are resolute by the vertices of a regular polygon w
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All the number sets we have seen above put together comprise the real numbers. Real numbers are also inadequate in the sense that it does not include a quantity which i
Prove: 1/cos2A+sin2A/cos2A=sinA+cosA/cosA-sinA
what is the factor of the trinomial 2x2-7x-4
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