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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.
Estimation of difference among population proportions Assume the two proportions be described by P1 and P2, respectively,Then the difference absolute between the two proportion
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1. Find the third and fourth derivatives of the function Y=5x 7 +3x-6-17x -3 2. Find the Tangent to the curve Y= 5x 3 +2x-1 At the point where x = 2.
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20% of the total quantity of oil is 40 litres find the total quantity of oil in litres
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