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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.
Before we look at simultaneous equations let us brush up some of the fundamentals. First, we define what is meant by an equation. It is a statement which indicate
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A line has the equation 2y=-3x+1. Find an equation of a line parallel to this line that has a y-intercept of -2.
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Euler Equations - Series Solutions to Differential Equations In this section we require to look for solutions to, ax 2 y′′ + bxy′ + cy = 0 around x0 = 0. These ki
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