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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.
two Indiana state senate candidates must decide which city to visit the day before the november election. The same four cities are available for both candidates. These cities are l
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Submit your working in (neat) handwritten form (do not type up your solutions). For the plots that you generate in Maple or Matlab, you can print them out and attach them at the en
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((1/x^1/2-(x-1)^1/2)+(1/(5-3(x-1)^2)^1/2)
mark got 15.00 for his birthday he now has 27.00. how much did he start with
Graph y = tan ( x ). Solution In the case of tangent we need to be careful while plugging x's in since tangent doesn't present wherever cosine is zero (remember that tan x
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