A las vegas supermarket bakery must decide how many wedding, Ask an Expert

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A Las Vegas supermarket bakery must decide how many wedding cakes to prepare for the upcoming weekend. Cakes cost $33 each to make, and they sell for $60 each. Unsold cakes are reduced to half-price on Monday, and typically one-third of those are sold. Any that remain are donated to a nearby senior center. Analysis of recent demand resulted in the following table:

Demand 0 1 2 3
Probability .15 .35 .30 .20

How many cakes should be prepared to maximize expected profit?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M982346

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