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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.
The population of the village is 5000. If in a year, the number of males were to increase by 5% and that of a female by 3% annually, the population would grow to 5202 at the end o
Mensuration surface area
Critical Point Definition : We say that x = c is a critical point of function f(x) if f (c) exists & if either of the given are true. f ′ (c ) = 0 OR f ′ (c
1. Consider the model Y t = β 0 + β 1 X t + ε t , where t = 1,..., n. If the errors ε t are not correlated, then the OLS estimates of β 0 and β
1+1=
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Saddle Point This point in a pay off matrix is one which is the largest value in its column and the smallest value in its row. This is also termed as equilibrium point in the t
how can you tell qhich trangle is sss,asa, sas, and aas s
Probability - Applications of integrals In this final application of integrals that we'll be looking at we are going to look at probability. Previous to actually getting into
A professor is interested in decisive if attending college influences the level at which an individual cooperates with the police. The professor is not sure if attending college w
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