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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.
A cyclist, after riding a certain distance, stopped for half an hour to repair his bicycle, after which he completes the whole journey of 30km at half speed in 5 hours. If the bre
If Var(x) = 4, find Var (3x+8), where X is a random variable. Var (ax+b) = a 2 Var x Var (3x+8) = 3 2 Var x = 36
Q. What are Whole numbers? The set of whole numbers is the set of natural numbers with the zero thrown in: 0,1,2,3,4,... Hint: Some people remember that the whole numbers
I have no clue how to do it
1) A local factory makes sheets of plywood. Records are kept on the number of mild defects that occur on each sheet. Letting the random variable x represent the number of mild de
(a) Derive the Marshalian demand functions and the indirect utility function for the following utility function: u(x1, x2, x3) = x1 1/6 x2 1/6 x3 1/6 x1≥ 0, x2≥0,x3≥ 0
Example of line - Common Polar Coordinate Graphs Example: Graph θ = 3Π, r cos θ = 4 and r sin θ = -3 on similar axis system. Solution There actually isn't too much to
Here we look at only the rules without going into their proofs. They are: a 0. If a If a If a
i want detail information in advance with question and answers.
Three mixtures were prepared with very narrow molar mass distribution polyisoprenesamples with molar masses of 8000, 25,000, and 100,000 as indicated below. (a) Equal numbers of
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