Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the right answer The demand for Carolina Industries' product varies greatly from month to month. Based on the past two years of data,

image text in transcribed I need the right answer

The demand for Carolina Industries' product varies greatly from month to month. Based on the past two years of data, the following probability distribution shows the company's monthly demand: Unit Demand 100 300 400 500 Probability 0.3 0.25 0.15 0.3 If the company places monthly orders qual to the expected value of the monthly demand, what should Carolina's monthly order quantity be for this product? Monthly order quantity units b. Assume that each unit demanded generates s70 in revenue and that each unit ordered costs $60. How much will the company gain or lose in a month if it places an order based on your answer to part (a) and the actual demand for the item is 250 units? For subtractive or negative number use a minus sign. (Example: 300) G. What are the variance and standard deviation for the number of units demanded? 1f required, round your answers to two decimal places Variance Standerd deviation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Consumer Finance Research

Authors: Jing J. Xiao

1st Edition

1441926046, 978-1441926043

More Books

Students also viewed these Finance questions