Hi,
Im having difficulties on my homework.
The question is:
Newsagent A has a probability of 0.5 of selling 200 kit kat bars, 0.4 of selling 100 galaxy bars and 0.2 of selling 150 lion bars.
Newsagent B has a probability of 0.3 of selling 200 kit kat bars, 0.6 of selling 100 galaxy bars and 0.6 of selling 150 lion bars.
Newsagent C has a probability of 0.8 of selling 200 kit kat bars, 0.2 of selling 100 galaxy bars and 0.4 of selling 150 lion bars.
suggest a method of obtaining optimum profit based on the estimates. What other factors would the newsagent have to take into account when making a decision about which items and in which quantity should be manufactured?
How do i tackle this question?
Would be great to hear some ideas..
THANKS