Table 5: Distribution of newspapers demanded. Demand Probability Distribution A classical inventory problem concerns the

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Table 5 Distribution Of Newspapers Demanded Demand Probability Distribution A Classical Inventory Problem Concerns The 1 (173.05 KiB) Viewed 70 times

Table 5: Distribution of newspapers demanded. Demand Probability Distribution A classical inventory problem concerns the purchase and sale of newspapers. The paper seller buys the papers for 3 LE each and sells them for 5 LE each. Newspapers not sold at the end of the day are sold as scrap for 0.5 LE each. There are three types of Newsday's, "good," "fair,” and “poor," with probabilities of 0.35, 0.45, and 0.20, respectively. The distribution of newspapers demanded is shown in Table 5. The problem is to determine the optimal number of papers the newspaper seller should purchase. This will be accomplished by simulating demands for 7 days and recording profits from sales each day. Demand Good Fair 40 0.03 0.10 0.18 50 60 0.40 Poor 0.44 0.22 0.16 0.12 0.06 0.00 0.00 0.20 0.05 0.15 0.20 0.35 0.15 0.07 70 80 Required that: 0.08 0.04 90 1. 100 0.00 2. Use the midsquare method with a seed value = 94 to generate sequence of seven (2-digit) pseudorandom numbers in the interval [00, 99]. Then, use these PRNs as random digits for types of newsday in Table 6. Use the midsquare method with a seed value = 63 to generate another sequence of seven (2-digit) pseudorandom numbers in the interval [00, 99]. Then, use these PRNs as random digits for demand in Table 6. Complete the simulation table (Table 6), assume that the number of papers the newspaper seller is 50, and calculate the total profit. ONLY upload the Table nothing her Nothing Else 3. Table 6: Simulation table for seven days. Types of Daily Random Digits for Types of Newsday Day Random Digits for Demand Demand Revenue from Sales Lost Profit from Excess Demand Salvage from Sale of Scrap Newsday Profit 1 2 3 4 5 6 7 Sum