8 Suppose that the following (s, S) inventory replenishment policy is used:Inventory begins at S. At each time period, either d, or d, units are depleted from inventory,with probabilitiesp and 1- p, respectively. Continue until the inventory reaches s or less, atwhich time the inventory is immediately replenished to level S.If S = 12, s = 5, dį = 5, d2 = 6, p = 0.4%3D(a) What is the transition probability matrix?(b) What are the long-run proportions, n;?(c) What are the periods of these states?

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Answered: (a) What is the transition probability…

(a) What is the transition probability matrix? (b) What are the long-run proportions, n;? (c) What are the periods of these states?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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Question

Suppose that the following (s, S) inventory replenishment policy is used:
Inventory begins at S. At each time period, either d, or d, units are depleted from inventory,
with probabilitiesp and 1- p, respectively. Continue until the inventory reaches s or less, at
which time the inventory is immediately replenished to level S.
If S = 12, s = 5, dį = 5, d2 = 6, p = 0.4
%3D
(a) What is the transition probability matrix?
(b) What are the long-run proportions, n;?
(c) What are the periods of these states?

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