Suppose That the Demand for Cars Is Normally Distributed with Mean

question 29

Essay

Suppose that the demand for cars is normally distributed with mean of 120 and standard deviation of 20. Use @RISK simulation add-in to determine the "best" order quantity; that is, the one that has the largest expected profit. Using the statistics and/or graphs from @RISK, discuss whether this order quantity would not be considered the "best" by the car dealer.

---

Definitions:

Formal Operations

The fourth and final stage of Jean Piaget's theory of cognitive development, marked by the ability to think abstractly, logically, and systematically.

Piaget's Stage

Refers to one of the four stages in Jean Piaget's theory of cognitive development through which children progress from infancy to adolescence, acquiring new understandings and cognitive skills.

Political Philosophies

The study of fundamental questions about the state, government, politics, liberty, justice, and the enforcement of a legal code by authority.

Formal Operations

The final stage in Piaget's theory of cognitive development, occurring from around age 12 onwards, where individuals develop the ability to think abstractly, logically, and systematically.