Operations ResearchTU Board 2080
A milk salesman estimates the probability of the demand for a litre of milk is as follows: Demand1112131415Probability0.100.150.300.250.20 He purchases a litre of milk @ of Rs. 60 and sells it @ of…
10A milk salesman estimates the probability of the demand for a litre of milk is as follows: Demand1112131415Probability0.100.150.300.250.20 He purchases a litre of milk @ of Rs. 60 and sells it @ of Rs. 70. Assuming that unsold milk has no scrap value, find (a) Find optimum quantity that would obtain Max. EMV. (b) Find the minimum value of EOL. (c) What is the value of expected profit with perfect information (EPPI)?
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