The article "The Uniform Distribution as a First Practical Approach to New Product Inventory Management" [International Journal of Production Economics, 2008, 114(2)] proposed a uniform distribution to model the demand of a new product before observing the actual distribution. You will model demand forecasts with a discrete uniform distribution. According to your estimates, the minimum and the maximum levels of new product demand are 5 and 30 units per day, respectively. (a) Determine the mean and variance of new product demand. Mean Variance = eTextbook and Media (b) Determine the probability mass function of new product demand. Enter the answer as a fraction. Divide the numerator and denominator by "/". f(x) = e Textbook and Media (c) How do the mean and the variance of new product demand change, if you revise your estimate of maximum demand to be 21 instead of 30? Round your answers to two decimal places (e.g. 98.76). Mean = Variance =

What do you mean by the impact multiplier or impact propensity? How is it different from the long-run propensity (LRP)? Discuss with an appropriate example of the distributive lag model.

The Big Mac index is a way of measuring Purchasing Power Parity (PPP) between different countries. By diverting the average national Big Mac prices to U.S. dollars, the same goods can be informally compared. The Big Mac can also be a good indicator for the individual purchasing power of an economy since he exists worldwide in standard size, composition and quality. Price # of Countries Rel. f. Cum. f 1.50-1.99 2 2.00-2.49 4 2.50-2.99 7 3.00-3.49 9. 3.50-3.99 7 4.00-4.49 8 4.50-4.99 9 5.00-5.49 7 5.50-5.99 1 6.00-6.49 2 6.50-6.99 1 a. What is the statistical name of the table above? b. How many countries were sampled? c. State the class width. d. Calculate the mean and standard deviation of the average prices of a Big Mac worldwide. Attach correct symbols and units to your answers. Explain how you obtained your answers.

(b) Table 1 shows consumables usage data from a leading manufacturer. Forecast the demand for August, September and October using: i) a three-month moving average ii) a four-month weighted moving average using 50 percent of the actual usage for the most recent month, 20 percent of two months ago, 15 percent of three months ago and 15 percent of four months ago. Using an example, explain what are the benefits of using the weighted moving average method of forecasting instead? Month February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 Consumables Used 884 892 972 990 956 880