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Question 3: Consider yourself as purchasing manager and you are dealing with a seasonal item, for whom you can order once in a season. As you know cost of under stocking and cost of overstocking both are the concern for a purchasing manager and a company. Considering the following demands with their respective probabilities. How much would you will be willing to order, in order to ensure the optimal product availability? NOTE: (price = $100, cost =$ 60, unsold price= $ 50), (you can only order in multiple of thousands). Demand (in thousands) probability Demand (in thousands) Probability 3 0.02 10 0.16 4 0.01 11 0.10 5 0.08 12 0.11 6 0.04 13 0.06 7 0.09 14 0.01 8 0.11 15 0.01 9 0.20