Question
A consumer electronics store stocks four alarm clock radios. If it has fewer than four clock radios available at the end of a? week, the
A consumer electronics store stocks four alarm clock radios. If it has fewer than four
clock radios available at the end of a? week, the store restocks the item to bring the? in-stock level up to four. If weekly demand is greater than the four units in? stock, the store loses sales. The radio sells for ?$23 and costs the store ?$12. The manager estimates that the probability distribution of weekly demand for the radio is as shown in the provided data table. Complete parts a through d below.
a. What is the expected weekly demand for the alarm clock? radio?
The expected weekly demand is ? ?( an integer or a decimal. Do not? round.)
b. What is the probability that weekly demand will be greater than the number of available? radios?
The probability is ? ?( integer or a decimal. Do not? round.)
c. What is the expected weekly profit from the sale of the alarm clock? radio? (Remember: There are only four clock radios available in any week to meet? demand.)
The expected weekly profit is $ ? (Round to the nearest cent as? needed.)
d. On? average, how much profit is lost each week because the radio is not available when? demanded?
The expected weekly profit lost is $ ( round to the nearest cent as needed)
Aconsumer electronics store stocks four alarm clock radios. If it has tewerthan tour clock radios available at the end of a week, the store restocks the item to bring the in-stock level up to four. If weekly demand is greater than the four units in stock, the store loses sales. The radio sells for $23 and costs the store $12. The manager estimates that the probability distribution of weekly demand for the radio is as shown in the provided data table. Complete parts a through d below. Click the icon to view the data table. a. What is the expected weekly demand for the alarm clock radio? The expected weekly demand is . (Type an integer or a decimal. Do not round.) b. What is the probability that weekly demand will be greater than the number of available radios? The probability is . (Type an integer or a decimal. Do not round.) c. What is the expec ed weekly pro it from the sale of the alarm clock radio? (Remember: There are only four clock radios available in any week to meet demand.) The expected weekly profit is $ . (Round to the nearest cent as neeced.) d. On average, how much pro is lost each week because the radio is not available when demanded? The expected weekly profit lost is $ . (Round to the nearest cent as neeced.)Step by Step Solution
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