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expected inventory level

expected inventory level

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A diamond producer kept sample data on the starting inventory level of diamonds and the number of days such inventory level is observed: Inventory 0 Level Number of 25 Days 1 45 2 60 3 75 4 80 5 50 6 45 7 60 8 30 Determine the expected inventory level of diamonds and the standard deviation of inventory levels. If it costs PhP3.50 to store an inventory of 1 unit of diamond per day, how much is the expected daily storage of keeping diamond in the inventory?
Transcribed Image Text:A diamond producer kept sample data on the starting inventory level of diamonds and the number of days such inventory level is observed: Inventory 0 Level Number of 25 Days 1 45 2 60 3 75 4 80 5 50 6 45 7 60 8 30 Determine the expected inventory level of diamonds and the standard deviation of inventory levels. If it costs PhP3.50 to store an inventory of 1 unit of diamond per day, how much is the expected daily storage of keeping diamond in the inventory?
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