You sell shoes There is a10% chance each that you'll have a demand of 100, 200, 300,
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You sell shoes There is a10% chance each that you'll have a demand of 100, 200, 300, 400, 500, 600, 700, 800, 900, and 1000 shoes respectively (i.e., you have a 10% chance of D = 100, 10% chance of D = 200, etc). You sell your shoes for $60 each. You buy your shoes for $30 each, and anything you can't sell by the end of the year, the wholesaler will buy they for $10 each. How many shoes should you order for next year to maximize profit?
Related Book For
Research Methods And Statistics A Critical Thinking Approach
ISBN: 9781305257795
5th Edition
Authors: Sherri L. Jackson
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