(Answered) Question harrys hardware does a brisk business during the

Management Studies

Question: Harry's Hardware does a brisk business during the year, but during Christmas, Harry's Hardware sells Christmas trees for a substantial profit. Unfortunately, any trees not sold at the end of the season are totally worthless. Thus, the number of trees that are stocked for a given season is a very important decision. The following table reveals the demand for Christmas trees. DEMAND FOR CHRISTMAS

TREES PROBABILITY 50 0.05 75 0.1 100 0.2 125 0.3 150 0.2 175 0.1 200 0.05

Harry sells trees for $15 each, but his cost is only $6.

(a) How many trees should Harry stock at his hardware store?

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