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Solve different inventory control problems using an appropriate OR method.

A week before the skiing season, a trade fair is organized where skiers can buy or exchange their skiing equipment. A local retailer has decided to sell winter gloves at the trade fair. The retailer can buy gloves for a reasonable price of £20 per pair and sell them for £45 per pair. The retailer can sell all the unsold gloves later on for £15 per pair; however, there will be an additional associated cost of £1 per unsold pair of gloves.

As there is no statistical data, the retailer estimate that they can sell 100, 120, 140, 160, 180, or 200 pairs of gloves, with equal probabilities.

How many pairs of gloves should the retailer order to maximize hi/her profit?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9161659

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