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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.
1+1=?
3 meters to crntimeters
We will begin this chapter by looking at integer exponents. Actually, initially we will suppose that the exponents are +ve as well. We will look at zero & negative exponents in a
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The distance around a square photograph is 12.8 centimeters. What is the langth of each side of the fotograph?
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