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Management Studies

You are a newsvendor selling San Pedro Times every morning Before you get to work, you go to the printer and buy the days paper for SO 30 a copy You sell a copy of San Pedro Times for S1.25. Daily demand is distributed normally with mean = 280 and standard deviation = 56. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excels NORMSINV() function to find the correct critical value for the given o-level. Round your/-value to 2 decimal places and final answer to the nearest whole number.) Optimal order quantity b. Based on a what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) Probability %

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92473812

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