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

digraph of r, Let R be the relation on S = {1, 3, 6, 9, 27} defined by aRb...

Let R be the relation on S = {1, 3, 6, 9, 27} defined by aRb iff a|b. (a) Write down the matrix of R. (b) Draw the digraph of R. (c) Explain whether R is reflexive, irrere

Evaluate limit in l''hospital''s rule form, Evaluate the below given limit....

Evaluate the below given limit. Solution Note as well that we actually do have to do the right-hand limit here. We know that the natural logarithm is just described fo

NCCER, what is 9/16 Divided by 7/8

what is 9/16 Divided by 7/8

.., Ask quesLa proporción de empleados de una empresa que usan su auto para...

Ask quesLa proporción de empleados de una empresa que usan su auto para ir al trabajo es 5:16. Si hay un total de 800 empleados, diga la cantidad de autos que se espera que haya es

Describe order of operations with example, Describe Order of Operations wit...

Describe Order of Operations with example? The order of operations is a set of rules that describe the order in which math operations are done. Try doing this math problem:

Geometry, how to find the sum of the measure of the interior angles of each...

how to find the sum of the measure of the interior angles of each convex polygon

Complement of a set, Need solution For the universal set T = {1, 2, 3, 4...

Need solution For the universal set T = {1, 2, 3, 4, 5} and its subset A ={2, 3} and B ={5, } Find i) A 1 ii) (A 1 ) 1 iii) (B 1 ) 1

Rounding whole numbers, Rounding whole numbers List the order in which ...

Rounding whole numbers List the order in which nancy, amy, ethel and cindy line up in single file to board the school bus. Then match the girls with their heights, which are fo

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