9. A bookstore keeps daily track of the inventory level of a popular book to restock it

Question:

9. A bookstore keeps daily track of the inventory level of a popular book to restock it 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 anyone day.

(c) Determine the expected daily inventory.

(d) Determine the average number of days between successive zero inventories.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: