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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.
The general solution to a differential equation is the most common form which the solution can take and does not take any initial conditions in account. Illustration 5: y(t) =
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A Stone is dropped from the top of the tower and travel 24.5 m in last second of its journey. the height of the tower is ...?
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