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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.
fixed cost of $1400 ,printing cost of .40 cents -each item to sell for $1.05. what is linear cost function, linear revenue function and number of items to be sold to make a profit
1. A direction ?eld for a differential equation is shown. Draw, with a ruler, the graphs of the Euler approximations to the solution curve that passes through the origin. Use step
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The actual solution is the specific solution to a differential equation which not only satisfies the differential equation, although also satisfies the specified initial conditions
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