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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.
You are given the following information about the amount your company can produce per day given the number of workers it hires. Numbers of Workers Quanti
Example of subtraction: Example: Subtract 78 from 136. Solution: 2 136 -78 ------ 58 While subtracting the units column, 6 - 8, a 10 that is b
The length of the sides of a triangle are 2x + y/2 , 5 x/3 + y + 1/2 and 2/3 x + 2y + 5/2. If the triangle is equilateral. Find its perimeter. A ns: 2x + y/2 = 4x + y
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QUESTION (a) A bowl contains ten red balls and ten blue balls. A woman selects balls at random without looking at them. i) How many balls must she select to be sure of havin
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