1 nature of randomness owner owner of a local

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Unformatted text preview: Nature of Randomness Owner Owner of a local newsstand purchases a journal every Sunday. He pays 25cents for each copy and sells for 75cents. Supplier pays 10cents back for each unsold copy. Below is the observed demand for the last 52 weeks. 15 14 8 6 8 13 19 11 9 7 11 12 9 6 5 12 11 12 11 4 15 18 9 9 4 15 15 22 18 17 19 17 4 10 18 9 19 7 0 14 10 14 8 14 15 9 14 11 12 8 16 17 We We should approximate the demand history using a continuous distribution and necessary estimators of mean and variance. Most applicab...
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