Question: Question 2 (2+2+2+2+2-10 points) Normal demand for newsvendor model Consider a product satisfying…

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Jun 13, 2022

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Question: Question 2 (2+2+2+2+2-10 points) Normal demand for newsvendor model Consider a product satisfying…

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Question 2 (2+2+2+2+2-10 points) Normal demand for newsvendor model Consider a product satisfying assumptions of the newsvendor model. Demand~Normal[H-1000, 5-2001. Purchase cost: $100 / unit. For every unit sold, there is a profit of $20 per unit. (Revenue cost +profit 100 + 20 $120). Unsold units are disposed of at a loss of value: $30 per Unit (therefore V-S70) a.) What is the mean demand? b.) What is the newsvendor critical ratio? c.) What is the optimal order quantity Q*? (Round up to the nearest integer if you get a non- integer.) d.) If we order Q* as obtained in (c), what is the expected lost sales? e.) If we order Q* as obtained in (c), what is the expected profit?

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Question 2 (2+2+2+2+2-10 points) Normal demand for newsvendor model Consider a product satisfying assumptions of the newsvendor model. Demand~Normal[H-1000, 5-2001. Purchase cost: $100 / unit. For every unit sold, there is a profit of $20 per unit. (Revenue cost +profit 100 + 20 $120). Unsold units are disposed of at a loss of value: $30 per Unit (therefore V-S70) a.) What is the mean demand? b.) What is the newsvendor critical ratio? c.) What is the optimal order quantity Q*? (Round up to the nearest integer if you get a non- integer.) d.) If we order Q* as obtained in (c), what is the expected lost sales? e.) If we order Q* as obtained in (c), what is the expected profit?

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