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

Limits at infinity, Limits At Infinity, Part I : In the earlier section w...

Limits At Infinity, Part I : In the earlier section we saw limits which were infinity and now it's time to take a look at limits at infinity.  Through limits at infinity we mean

Combining like terms, i don''t understand what my teacher when she talks ab...

i don''t understand what my teacher when she talks about when she talks about cosecutive integers etc... so can u help me???

Payoffs dominations, how do you no wich row or columms dominate other rows ...

how do you no wich row or columms dominate other rows or columms in a payoff

If t2+t+1=0 , t=w,w 2 L.H.S (w+w 2 ) + (w 2 + w) 2 ........  1  + 1 ....

t=w,w 2 L.H.S (w+w 2 ) + (w 2 + w) 2 ........  1  + 1 ..... But every third term is of the form: (w 3n +w 3n ) 2 =22 There are nine such terms. Their sum is 36. The rema

Determine the height of building, A 20-foot light post shows a shadow 25 fe...

A 20-foot light post shows a shadow 25 feet long. At the similar time, a building nearby casts a shadow 50 feet long. determine the height of building? a. 40 ft b. 62.5 ft

Determine rank correlation coefficient , Determine Rank Correlation Coe...

Determine Rank Correlation Coefficient A group of 8 accountancy students are tested in Quantitative Techniques and Law II.  Their rankings in the two tests were as:

Congruences, Suppose m be a positive integer, then the two integer a and b ...

Suppose m be a positive integer, then the two integer a and b called congurent modulo m ' if a - b is divisible by m i.e.  a - b = m where is an positive integer. The congru

Learning and formulating maths teaching strategies, Before going further, l...

Before going further, let us repeat an aspect of learning which is useful to keep in mind while formulating teaching strategies. A child who can add or subtract in the context of s

Draw grouped frequency tables, Q. Draw Grouped Frequency Tables? Ans. ...

Q. Draw Grouped Frequency Tables? Ans. Grouped frequency tables are often used when there are many different values. In these tables, the values are grouped into classes

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