Mathematics, 03.12.2019 22:31 SmokeyRN
Anews vendor sells newspapers and tries to maximize profits. the number of papers sold each day is a random variable. however, analysis of the past month's data shows the distribution of daily demand in table 16. a paper costs the vendor 20c. the vendor sells the paper for 30c. any unsold papers are returned to the publisher for a credit of ioc. any unsatisfied demand is estimated to cost ioc in goodwill and lost profit. if the policy is to order a quantity equal to the preceding day's demand, determine the average daily profit of the news vendor by simulating this system. assume that the demand for day 0 is equal to 32. demand per day probability30 .0531 .1532 .2233 .3834 .1435 .06
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Anews vendor sells newspapers and tries to maximize profits. the number of papers sold each day is a...
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