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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.
A group of ?ve friends gone out to lunch. The total bill for the lunch was $53.75. Their meals all cost about the similar, so they needed to split the bill evenly. Without consider
The production costs per week for generating x widgets is given by, C ( x ) = 500 + 350 x - 0.09 x 2 , 0 ≤ x ≤ 1000 Answer following questions. (a) What is the c
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a) The first comic book is of shakitman was sold in 1938. In 2010, the estimated price for this comic book in good condition was about $500,000. This represented a return of 25 per
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