Given the following demand schedule for newspapers find the, Ask an Expert

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Given the following demand schedule for newspapers, find the optimal order size if papers cost the newsboy $.50 and he can sell them for $1.50 each.

a. Assume any unsold papers cannot be resold.

k P(X=k)

55 0.05

56 0.05

57 0.15

58 0.3

59 0.3

60 0.1

61 0.05

b. How does your answer change if the newsboy can sell unsold papers back to the newspaper for $.40 each?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91000174

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