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Category > Statistics Posted 23 Jun 2017 My Price 7.00

A producer of boats has estimated the following distribution of demand for a particular kind of boat

A producer of boats has estimated the following distribution of demand for a particular kind of boat :

Each boat costs him Rs 7,000 and he sells them for Rs 10,000 each. Any boats that are left unsold at the end of the season must be disposed off for Rs 6,000 each. How many boats should be kept in stock to maximise his expected profit?

 

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Alpha Geek
(8)
Status NEW Posted 23 Jun 2017 04:06 PM My Price 7.00

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Attachments

file 1498234514-1904745_1_636336857426203103_Stock-level.xlsx preview (140 words )
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