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2) A store selling Congratulations Graduates cards must decide by January 1st on the number of cards to stock. Reordering is not allowed. Cards cost
2) A store selling "Congratulations Graduates" cards must decide by January 1st on the number of cards to stock. Reordering is not allowed. Cards cost $0.45 and sell for $1.25 per unit. Any card not sold by July 1st is sold back to the card manufacturer at $0.25 per unit. The card-shop owner is not sure how many cards can be sold by July 1st, but thinks it is somewhere (i.e., uniformly distributed) between 250 and 350. Suppose that the card-shop owner decides to order 300 cards. Estimate the expected total profit with an error of at most $5.00 (-0.10, 2-sided test). How many replications do you need to perform? 2) A store selling "Congratulations Graduates" cards must decide by January 1st on the number of cards to stock. Reordering is not allowed. Cards cost $0.45 and sell for $1.25 per unit. Any card not sold by July 1st is sold back to the card manufacturer at $0.25 per unit. The card-shop owner is not sure how many cards can be sold by July 1st, but thinks it is somewhere (i.e., uniformly distributed) between 250 and 350. Suppose that the card-shop owner decides to order 300 cards. Estimate the expected total profit with an error of at most $5.00 (-0.10, 2-sided test). How many replications do you need to perform
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