Consider the inventory problem. (a) Explain why the solution to (1.4.3) is non-decreasing when is decreasing.
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Consider the inventory problem.
(a) Explain why the solution to (1.4.3) is non-decreasing when δ is decreasing. Interpret this fact in the context of the problem.
(b) Find the optimal size s of the order for two cases: (i) X is uniform on [0, 2m]; (ii) X is exponential with a mean of m. (So, the mean demand is the same for both cases.) Which optimal order is larger? Does the answer depends on δ?
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a The function Fx is continuous since we assume that the density exists ...View the full answer
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