Question
Solve for the following questions 1.A camera store stocks a particular model camera that can be ordered weekly. The demand for this camera (the number
Solve for the following questions
1.A camera store stocks a particular model camera that can be ordered weekly. The demand for this camera (the number of units that would be sold if the inventory wasn't depleted) follows a binomial distribution with success probability p=0.25. Assume that at the end of the week, the store owner reviews his inventory level and orders enough cameras to bring his inventory level back to 3 cameras. (For example, if there is one camera in stock at the end of the week, the owner will order two cameras). The order comes in at the end of the next week (that is after demand has been realized). The state of the system is the number of cameras on hand at the end of the week.
Define the states, events, etc., and construct the one-step transition matrix.??
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