- Category:
- Other systems
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- File Size:
- 9kb
- Update:
- 2017-10-21
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- Uploaded by:
- He xi
Description: The number of paper purchased should be determined according to the demanded. But the demand is random. So the newsboy will get less money if he buys too few or too much newspapers. The newsboy's daily income is random. Therefore, the income of newsboy cannot be measured by the income of a day, and should be his long term (one year) average income.We can use of the method of computer simulation while the condition of simulation time is sufficiently large (10000 days for example), simulate daily sales, and thus determine how much to buy every day to get the maximum average revenue.
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newsvendor.docx
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