3. A contemporary art museum in New York sells special heat-changing mugs (designed based) of its art collections to visitors. The museum has to put an order for the mug quantity at the beginning of each year; that decision has to be made one time per year (as it takes a considerable time for the manufacturer to produce the mugs based on the requested designs). The unsold mugs will be on rebate for $3.99 for the rest of the year. Based on historical data, the anticipated demand is normally distributed as: a. What is the expected yearly demand based on historical estimates b. If the cost per mug is $9.0 and the selling price is $16.99, how many mugs should be ordered for the upcoming year 1? c. Calculate the expected profit based on the optimal order quantity 3. A contemporary art museum in New York sells special heat-changing mugs (designed based) of its art collections to visitors. The museum has to put an order for the mug quantity at the beginning of each year; that decision has to be made one time per year (as it takes a considerable time for the manufacturer to produce the mugs based on the requested designs). The unsold mugs will be on rebate for $3.99 for the rest of the year. Based on historical data, the anticipated demand is normally distributed as: a. What is the expected yearly demand based on historical estimates b. If the cost per mug is $9.0 and the selling price is $16.99, how many mugs should be ordered for the upcoming year 1? c. Calculate the expected profit based on the optimal order quantity