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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.
calculate the shortest distance between A and B 40degrees west and 50 degrees east respectively laying along 57 degrees north
Vector theories
Write 3.5 × 104 in decimal notation? Move the decimal point 4 places to the right to get 35,000.
Venn Diagram - Set theory and calculus A easy way of representing sets and relations among sets is by means of the Venn diagram. Venn diagram includes of a rectangle that pres
Definition 1. We say that f(x) consist an absolute (or global) maximum at x = c if f ( x ) ≤ f (c ) for every x in the domain we are working on. 2. We say that at x = c ,
the ratio of dogs to cats is 2 to 9.if there are 10 dogs how many cats are there?
HOW MATHEMATICAL IDEAS GROW : In this section we shall consider three aspects of the nature of mathematical ideas, namely, that they progress from concrete to abstract, from part
Bonnie has twice as many cousins as Robert. George has 5 cousins, which is 11 less than Bonnie has. How many cousins does Robert have? Work backwards to find the solution. Geor
find the simple interest on Rs. 68,000 at 50/3 per annum for 9 month
The longer base of a trapezoid is 3 times the shorter base. The nonparallel sides are congruent. The nonparallel side is 5 cm more that the shorter base. The perimeter of the trape
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