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

Children have their own strategies for learning maths, Children Have Their ...

Children Have Their Own Strategies For Learning Vibhor, aged 7, was once asked if he knew what 'seven lots of eight' are. He said he didn't. He was then asked, "Can you work it

Trigonometry, In the riangle ABC the AB=12 cm,AC=28 cm and angle ABC=120 de...

In the riangle ABC the AB=12 cm,AC=28 cm and angle ABC=120 degrees.BC=?

Algebraic expressions, how to simplify an expression which has different si...

how to simplify an expression which has different signs

Levels of significance - rejection and acceptance regions, Levels of signif...

Levels of significance A level of significance is a probability value which is utilized when conducting tests of hypothesis. A level of significance is mostly the probability

Solving Trig Equations, How would you solve the equation: 1+ sin(theta)= 2 ...

How would you solve the equation: 1+ sin(theta)= 2 cos^2(theta)?

Tied rankings, Tied Rankings A slight adjustment to the formula is mad...

Tied Rankings A slight adjustment to the formula is made if several students tie and have the similar ranking the adjustment is: (t 3 - t)/12 Whereas t = number of tied

Ratios, the ratio of boys to girls in the sixth grade is 2:3 if there are ...

the ratio of boys to girls in the sixth grade is 2:3 if there are 24 boys, how many are girls?

Finish the work., six men and Eight boys can finish a piece of work in 14 d...

six men and Eight boys can finish a piece of work in 14 days while  eight men and twelve boys can do it in 10 days. Find the time taken by  1man alone and that by 1boy alone to fin

Algebra, logrithim of function?

logrithim of function?

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