Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Jun 2017 My Price 9.00

confidence interval for expected profit

In August 2004, a car dealer is trying to determine how many 2005 cars should be ordered. Each car ordered in August 2004 costs $10,000. The demand for the dealer’s 2005 models has the probability distribution shown in Table.

No. of Cars

 

Demanded

Probability

20

.30

25

.15

30

.15

35

.20

40

.20

Each car sells for $15,000. If demand for 2005 cars exceeds the number of cars ordered in August, the dealer must reorder at a cost of $12,000 per car. Excess cars may be disposed of at $9,000 per car. Use simulation to determine how many cars should be ordered in August. For your optimal order quantity, find a 95% confidence interval for expected profit.

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Maurice Tutor
(5)
Status NEW Posted 04 Jun 2017 11:06 PM My Price 9.00

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