A book trader has taken out a 13-week lease on a small unit in a shopping mall p
ID: 445988 • Letter: A
Question
A book trader has taken out a 13-week lease on a small unit in a shopping mall prior to it being fitted out as a new outlet by a major retailer. The trader intends to sell remaindered books, coffee table classics; selling for 3 each and children’s books selling 1 each. She has stock consisting of 2000of the former and 5000 of the later. The demand for the books per week is expected to vary as follows:
demand 3 books
probability
demand 1 books
probability
100
0.1
300
0.2
120
0.1
325
0.2
140
0.2
350
0.3
160
0.3
375
0.1
180
0.15
400
0.12
200
0.15
425
0.08
Simulate the sales and use them to estimate the total revenue over the 13 wks the shop will be open.
demand 3 books
probability
demand 1 books
probability
100
0.1
300
0.2
120
0.1
325
0.2
140
0.2
350
0.3
160
0.3
375
0.1
180
0.15
400
0.12
200
0.15
425
0.08
Explanation / Answer
Solution :
We will take first 6 R.No from Table 4 , Random Nos
From above table its clear that demand 180 is 3 nos that more no.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
We will take first 6 R.No from Table 4 , Random Nos
From above table its clear that demand 375 is 3 nos that more no.
Sr.No demand 3 books probability Cumulative probailty R.No Interval 1 100 0.1 0.1 00-09 2 120 0.1 0.2 10-19 3 140 0.2 0.4 20-39 4 160 0.3 0.7 40-69 5 180 0.15 0.85 70-84 6 200 0.15 1 85-99Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.