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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c2, where c2 > c1. In the second leg, which takes t2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t1 + t2. The daily demand for this item during the cruise follows a normal distribution with a mean of µ and a standard deviation of σ. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y1 and y2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner’s expected cost.
Zura Kazhiloti sold jewelry bearing the luxury brand names “Cartier” and “Van Cleef & Arpels” to jewelry stores. The retailers then sold the jewelry through their brick and mortar stores, through websites, and through the Internet auction site eBay. ..
This figure shows the market for computer monitors in the United States. In this market, a quota is in place that strictly limits the number of computer monitors that may be imported by foreign producers. As shown in the graph, the quota is equal to ..
______Companies that have flat organizations tend also to have
Discuss political economy of euro. What are likely economic effects of euro. What are its likely political effects. How is euro supposed to solve EU's political problems. Explain
The Food and Drug Administration (FDA) just gave you the approval to sell your new patented drug which reduces the aches and pains associated with doing IO homework. You spent 10 years and $1.5 billion to market this drug under the brand name eazIO. ..
A series of Quarterly cash flows starts with a cash flow of $1,000 on April 1, 1982, and is expected to continue through July 1, 1994. Each cash flow has been $50 greater than the one preceding it. This increase is expected to continue. Use an intere..
What is the difference between a change in supply and a change in quantity supplied?
Do wages clear when the wage equals two. Do we know whether the equilibrium wage is higher or lower than two.
A farmer uses three inputs to produce vegetables: land, labor, and capital. The production function for the farm exhibits diminishing marginal rate of technical substitution. What Happens when labor and capital increases by 5% and land remains fixed?
on the planet omicron persei 8 government spending is 1000 net taxes are 1200 as well as planned investment is 1400.
The Occupational Safety and Health Administration (OSHA) promulgates safety and health standards. These standards typically apply to machinery (capital), which is required to be equipped with guards, shields, and the like. Analyze the possible employ..
If a consumer buys less gasoline because gas prices increased by 10% even though all other prices have also increased by 10% then
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