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Problem 1 A retailer sells a perishable commodity and each day he places an order for Q units. Each unit that is sold gives a
Problem A retailer sells a perishable commodity and each day he places an order for units. Each unit that is sold gives a profit of cents and units not sold at the end of the day are discarded at a loss of cents per unit. The demand, on any given day is uniformly distributed over How many units should the retailer order to maximize expected profit?
Problem Redo Problem numerically using MATLAB and compare the results.
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