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The Truly Canadian Restaurant stocks a private red table wine that it purchases from a local winery in the Niagara Falls region. The daily demand for the wine at the restaurant is normally distributed with a mean of 18 bottles and a standard deviation of 4 bottles. The winery sends a representative to check the restaurant's wine cellar every 30 days, and during a recent visit there were 25 bottles in stock. The lead time to receive an order is two days. Can you help the restaurant manager to determine the optimal order size that will enable him to limit the probability of a stockout to 5%?
The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads "maximum capacity 1400kg or 20 persons". Suppose that the weights of lift-users are
Definition of Correlation According to prof, king correlation means that between two series or group of data there exists some casual connection prof, king has also exp
Modify your formulas from (1) to compute the price at time 0 of an American put option with the same contract speci cations in the binomial model. Report the price of the American
The displacement of a simply supported beam subject to a uniform load is given by the solution of the following differential equation (for small displacements); and q is th
Read the following data on the economy of Angoia and answer/respond to the questions/instructions that follow. Unless otherwise stated, the monetary figures are in real billions o
Coefficient of Determination The coefficient of determination is given by r 2 i.e., the square of the correlation coefficient. It explains to what extent the variation
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The quick method for a confidence interval for a proportion uses as an approximation for a 95% confidence interval. The margin of error in this case is slightly larger tha
PROPERTIES 1. The value of standard deviation remains the same if, in a series each of the observation is increased or decreased by a constant quantity. In statistical lan
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