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Confused on quantiles please help!!! DavidbuysfruitsandvegetableswholesaleandretailsthematDavidsProduceonLaVistaRoad.Oneofthedifficultdecisionsistheamountofbananastobuy.Letusmakesomesimplifyingassumptions,andassumethatDavidpurchasesbananasonceaweekat20centsperpoundandretailsthemat50centsperpoundduringtheweek.BananasthataremorethanaweekoldaretooripetosellandDavidwillpayworkerstotakethemaway.Itcosts2centtogetridofeachpoundofunsoldbananas.Supposethattheweeklydemandforbananasisuniformlydistributedbetween500and1500pounds. (a)Findthe0.58quantileoftheweeklydemandforbananas. (b)Ifyouordertheamountyoufoundinpart(a),whatistheexpectedweeklyprofit? (c)Nowassumethatthedemandforbananasisexponentiallydistributedwithmean1000and860poundsareordered.Findthe0.58quantileoftheweeklydemandforbananas.

Confused on quantiles please help!!!

  1. DavidbuysfruitsandvegetableswholesaleandretailsthematDavidsProduceonLaVistaRoad.Oneofthedifficultdecisionsistheamountofbananastobuy.Letusmakesomesimplifyingassumptions,andassumethatDavidpurchasesbananasonceaweekat20centsperpoundandretailsthemat50centsperpoundduringtheweek.BananasthataremorethanaweekoldaretooripetosellandDavidwillpayworkerstotakethemaway.Itcosts2centtogetridofeachpoundofunsoldbananas.Supposethattheweeklydemandforbananasisuniformlydistributedbetween500and1500pounds.
  2. (a)Findthe0.58quantileoftheweeklydemandforbananas. (b)Ifyouordertheamountyoufoundinpart(a),whatistheexpectedweeklyprofit?
  3. (c)Nowassumethatthedemandforbananasisexponentiallydistributedwithmean1000and860poundsareordered.Findthe0.58quantileoftheweeklydemandforbananas.

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