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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.
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IS SQUARE A UNIQUE RHOMBUS?
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Consider a class of 55 students. The student names are placed in a hat and 3 names are randomly drawn without replacement. a) If the first person drawn was named the class presi
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Specified a system of equations, (1), we will have one of the three probabilities for the number of solutions. 1. No solution. 2. Accurately one solution. 3. Infinit
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