Concept explainers
Explanation of Solution
a.
New copies of the book sold by the publisher each year:
Let,
The transition probability matrix “P” for the given problem is shown below:
NB | B1 | B2 | B3 | NSB | |
NB | 0 | 0.9 | 0 | 0 | 0.1 |
B1 | 0 | 0 | 0.8 | 0 | 0.2 |
B2 | 0 | 0 | 0 | 0.6 | 0.4 |
B3 | 0 | 0 | 0 | 0 | 1 |
For an organization in which each book is classified into one of “s” groups (here s= 4).
Let,
To determine
Here,
This implies,
Let steady state census for
Explanation of Solution
b.
Average profit per book:
The bookstore’s profit on each type of book is as given below:
If the steady-state census is the representative of the bookstore’s sales, the total profit on books is as follows:
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Chapter 17 Solutions
Operations Research : Applications and Algorithms
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- Operations Research : Applications and AlgorithmsComputer ScienceISBN:9780534380588Author:Wayne L. WinstonPublisher:Brooks Cole