Question:Consider 2 identical retailers, with the same costs and characteristics, facing randomdemand for a single product. We compare the two systems, the decentralized andcentralized one. In the centralized pooled system, the retailers together operate a jointinventory facility and take items out of the pooled inventory to meet demand. In thedecentralized system, each retailer individually orders from the manufacturer to meetdemand.We consider a single period of random demand. The probabilistic forecast of demand facedby each retailer is depicted in the following table:Demand5,0006,0007,0008,0009,00010,000Probabilistic12%10%30%23%15%10%Meanwhile, the wholesale price is $40 per unit, the selling price of $65 per unit, salvagevalue of $10 per unit, and production cost of $15 per unit. If the order quantity must bemultiples of 1,000 units:|a. What's each retailer's best order quantity in a period in each system?b. What is the retailer's expected profit?c. Manufacturer's profit in each system?

Part a) For decentralised system, Underage cost=selling price-cost price= 65-40=$25 Overage cost…

Answered: Question: Consider 2 identical…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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