The following table shows bobs bookstores estimated demand, Ask an Expert

Statistics

The following table shows Bob's Bookstore's estimated demand for a new calendar. The bookstore needs to decide whether to order 100, 200, or 300 calendars for the start of the year. Each calendar costs the store $6 to purchase and can be sold for $14. The store can sell any unsold calendars back to the supplier for $2 each. Determine the number of calendars the bookstore should order to maximize its expected profit.

Demand Probability

100 .25

200 .40

300 .35

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91020310

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