Assume demand distribution for a seasonal product at a retail store is as follows Demand Outcome (d) 10 20 30 40 50 Prob (demand d) 15 20 30 20 15 Probability (demand d) 15 35 65 85 100 Please answer and help me understand answers to below Questions based on above table 1 Determine the optimal quan...

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Assume demand distribution for a seasonal product at a retail store is as follows Demand Outcome (d)

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Assume demand distribution for a seasonal product at a retail store is as follows

Demand Outcome (d)	10	20	30	40	50
Prob (demand = d)	15%	20%	30%	20%	15%
Probability (demand d)	15%	35%	65%	85%	100%

Please answer and help me understand answers to below Questions based on above table:

1. Determine the optimal quantity if the retail price, purchasing cost, and salvage value of this product are $99, $69, and $15, respectively.

2. What is the expected lost sale if the order quantity is assumed to be equal to 20?

Related Book For answer-question

Hydrology and Floodplain Analysis

ISBN: 978-0132567961

5th edition

Authors: Philip B. Bedient, Wayne C. Huber, Baxter E. Vieux

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Posted Date: Mar 07, 2024 02:35 PM

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Assume demand distribution for a seasonal product at a retail store is as follows Demand Outcome (d)

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Hydrology and Floodplain Analysis

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