Increase the sample size of the news vendor problem from 30 days to 300. As in the
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Question:
Increase the sample size of the news vendor problem from 30 days to 300. As in the original problem, use the same realized demands in column E for all values of q. Don't forget to change the statistical summary and histogram cells appropriately at the bottom of the columns, as well as the cells referred to in the various graphics.
- What is the effect on the results? Compare the results of 30 days to 300 days in terms of the profit/day confidence interval, profit/day standard deviation, and probability of loss at each q level.
- Based on your results, what sample size (days) would be needed to bring the maximum half-width of all five confidence intervals down to under +$1.15? Don't actually carry this out, but just get an estimate using the formula to determine the sample size (n).
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