Single-period inventory situation

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Reference no: EM132242076

1. In a single-period inventory situation, the probabilities that demand will be 1, 2, 3, or 4 units are .2, .3, .4, and .1, respectively. If two units are stocked, what is the probability of selling all of them?

2. The manager of EZ-Mart (open 365 days a year) sells 60 cases of water each day. Order costs are $20 per order, and water costs $0.30 per bottle (each case of water contains 24 bottles). Daily holding costs are equal to 2 percent of the cost of the water. What is the economic order quantity for water?

Reference no: EM132242076

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