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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.
Q. How to calculate Probability of event? Ans. What chance do I have to toss the coin and get a head? You might think 50-50, 50%. What about tossing it 5 times and getting
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Horizontal asymptotes : Such as we can have vertical asymptotes defined in terms of limits we can also have horizontal asymptotes explained in terms of limits. Definition
I am comparing building a house and buying a house. which one of the option you would choose.
We will firstly notice the undamped case. The differential equation under this case is, mu'' + ku = F(t) It is just a non-homogeneous differential equation and we identify h
A one-line diagram of a simple three-bus power system is shown in Figure 1 with generation at bus 1. The magnitude of voltage at bus 1 is adjusted to 1.05 per unit. The scheduled l
The logarithm of a provided number b to the base 'a' is the exponent showing the power to which the base 'a' have to be raised to get the number b. This number is defined as log a
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The area of Mr. Smith's rectangular classroom is x 2 - 25. Which of the following binomials could represent the length and the width of the room? Since area of a rectangle is
Solve the linear equation: The equation relating the pressure that is denoted by P, to the force, F & the area, A, over which the force is applied is P =F/A. Solve this equat
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