Calculate the average return, Mathematics

Assignment Help:

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 

1840_Calculate the average return.png

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.


Related Discussions:- Calculate the average return

Triangles, ABCD is a parallelogram which AB and CD are divides by P and Q. ...

ABCD is a parallelogram which AB and CD are divides by P and Q. Such that AP:PB=3:2 and CQ:QD=4:1. If PQ and AC are meet at R, show that AR=3/7AC.

What is angles, What is Angles? An angle is made up of two rays with a ...

What is Angles? An angle is made up of two rays with a common endpoint, which is called the vertex. The sides of the angle are rays. An angle is denoted by "θ". When two li

Generate a 30-ounce solution which was 28% acid, A chemist mixed a solution...

A chemist mixed a solution which was 34% acid with another solution that was 18% acid to generate a 30-ounce solution which was 28% acid. How much of the 34% acid solution did he u

probability: complying with this treatment, A national study found that tr...

A national study found that treating people appropriately for high blood pressure decreased their overall mortality rate by 20%. Treating people adequately for hypertension has bee

How to change improper fractions to mixed/ proper fractions, how do you cha...

how do you change an improper fraction to a mixed number or whole or proper

Halm''s differential equation, please i need the solution for halm''s diffe...

please i need the solution for halm''s differential equation

Numerical integration - simpson rule, (1)Derive, algebraically, the 2nd ord...

(1)Derive, algebraically, the 2nd order (Simpson's Rule) integration formula using 3 equally spaced sample points, f 0 ,f 1 ,f 2 with an increment of h. (2) Using software such

Calculus Homework, Find the slope of the line tangent to the graph of f(x)=...

Find the slope of the line tangent to the graph of f(x)= 3-2ln(2x^2+4) at the point (4, F(4))

Lengrange''s mean value theorem, real life applications of lengrange''s mea...

real life applications of lengrange''s mean value theorem

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd