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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.
3x+2y=6 x-y=7
Estimation of difference among two means We know that the standard error of a sample is given by the value of the standard deviation (σ) divided by the square root of the numbe
A bag contains 5 red balls and some blue balls. If the probability of drawing a blue ball is double that of a red ball , determine the number of blue balls in the bag.
Evaluate the log function: Calculate 3log 10 2. Solution: Rule 3. log (A n ) = nlog b A 3log 10 2 = log 10 (2 3 ) = log 10 8 = 0.903
Making Equally Sized Groups : By the time children reach Class 1 or 2, they would have had many experiences of pairs of objects-pairs of shoes, pairs of eyes, ears, arms, legs, w
Terry earns $680 per week. He is entitled to 4 weeks annual leave and receives an additional holiday loading of 17.5%. Calculate his total pay for this holiday period.
expand (2x+7y)^
Find out if the following series is convergent or divergent. Solution There really is not very much to these problems another than calculating the limit and then usin
1. Give some Class 4 children around you problems like 15 x 6 to do dentally. Interact with them to find out the different strategies they use for doing it, and note these down.
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