Question: please solve question ((((22)))) clearify from where did you get the numbers thank you 17-21. A bookstore restocks a popular book to a level of

please solve question ((((22))))
clearify from where did you get the numbers
thank you
please solve question ((((22)))) clearify from where did you get the numbers

17-21. A bookstore restocks a popular book to a level of 100 copies at the start of each day. The data for the last 30 days provide the following end-of-day inventory position: 1,2,0, 3,2,1,0,0,3,0,1,1,3,2,3,3,2,1,0,2,0,1,3,0,0,3,2,1,2,2. (a) Represent the daily inventory as a Markov chain. (b) Determine the steady-state probability that the bookstore will run out of books in any one day. (c) Determine the expected daily inventory. (d) Determine the average number of days between successive zero inventories. -22. In Problem 17-21, suppose that the daily demand can exceed supply, which gives rise to shortage (negative inventory). The end-of-day inventory level for the past 30 days is given as: 1,2,0,2,2,2,1,1,3,0,0,1,1,2,3,3,2,1,0,2,0,1,3,0,0,3,1,1,2,2. (a) Express the situation as a Markov chain. (b) Determine the long-term probability of a surplus inventory in a day. (c) Determine the long-term probability of a shortage inventory in a day. (d) Determine the long-term probability that the daily supply meets the daily demand exactly. (e) If the holding cost per (end-of-day) surplus book is $.15 per day and the penalty cost per shortage book is $4.00 per day, determine the expected inventory cost per day

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!