Calculate the average return, Mathematics

Assignment Help:

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 

1840_Calculate the average return.png

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.


Related Discussions:- Calculate the average return

Linear relations, determine the equation that represent the following lines...

determine the equation that represent the following lines be sure to define your variable and show all of your work

What is permutations explain with examples, What is Permutations explain wi...

What is Permutations explain with examples? Each arrangement of a set of elements is called a permutation. In other words, every possible way (order) of writing a group of lett

Closure : Activity 5.4, A classmate mixes 2 drops of red food coloring for ...

A classmate mixes 2 drops of red food coloring for every 4 drops of blue food coloring. Create a ratio table with 5 entries to represent this situation. Write the entries of the ra

Find out the different strategies of multiplications, 1. Give some Class 4 ...

1. Give some Class 4 children around you problems like 15 x 6 to do dentally. Interact with them to find out the different strategies they use for doing it, and note these down.

What percentage of the soda purchased was cola, 3/5 of the soda purchased a...

3/5 of the soda purchased at the football game was cola. What percentage of the soda purchased was cola? Change the fraction to a decimal through dividing the numerator through

Relative motion, how to find the minimum distance between any two particles...

how to find the minimum distance between any two particles which are in relative motion?

Adding fractions with different denominators, Q. How to Add Fractions with ...

Q. How to Add Fractions with Different Denominators? Ans. Here's the main thing to remember about adding fractions with different denominators-you can't! Fractions with di

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd