Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.

Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.

Operations Research : Applications and Algorithms

4th Edition

ISBN:9780534380588

Author:Wayne L. Winston

Publisher:Wayne L. Winston

Chapter18: Deterministic Dynamic Programming

Section: Chapter Questions

Problem 6RP

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