A student wishes to earn some pocket money during his semester break. He thinks hard and...
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A student wishes to earn some pocket money during his semester break. He thinks hard and comes up with the idea of buying early tickets for theater shows and selling them to last-minute customers who cannot find tickets. He can buy early tickets for around 40 TL each. Late customers are usually ready to pay 75 TL per ticket. Normally, unsold tickets are of no value, however, the student has good contacts with the ticket office attendant. So, if the student has left over tickets when the show starts, the attendant at the ticket office pays him 20 TL per ticket. Assume, now that the student wants to be more precise in estimating the demand and keeps a record of demand on each day. After careful analysis, he identifies that his demand obeys the triangular distribution with lower limit a, upper limit b and mode c, where a < b and a ≤c ≤ b. Identify the optimum number of tickets in terms of a, b and c to buy for this case by assuming your own data sets. A student wishes to earn some pocket money during his semester break. He thinks hard and comes up with the idea of buying early tickets for theater shows and selling them to last-minute customers who cannot find tickets. He can buy early tickets for around 40 TL each. Late customers are usually ready to pay 75 TL per ticket. Normally, unsold tickets are of no value, however, the student has good contacts with the ticket office attendant. So, if the student has left over tickets when the show starts, the attendant at the ticket office pays him 20 TL per ticket. Assume, now that the student wants to be more precise in estimating the demand and keeps a record of demand on each day. After careful analysis, he identifies that his demand obeys the triangular distribution with lower limit a, upper limit b and mode c, where a < b and a ≤c ≤ b. Identify the optimum number of tickets in terms of a, b and c to buy for this case by assuming your own data sets.
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In a triangular distribution the optimum number of tickets to ... View the full answer
Related Book For
Introduction To Materials Management
ISBN: 978-9386873248
8th edition
Authors: Arnold J. R. Tony, Gatewood Ann K., M. Clive Lloyd N. Chapman Stephen
Posted Date:
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