Question
A University is trying to decide how many to jerseys to order for the upcoming football season. The jerseys sell for $45, and the university
A University is trying to decide how many to jerseys to order for the upcoming football season. The jerseys sell for $45, and the university believes that the demand at this full price is normally distributed with a most likely value of 200 and a standard deviation of 40. After the semester ends, the jerseys will be marked down to a sale price of $25. Historically, demand for sale-price items has followed a normal distribution with mean equal to half the actual full price demand and standard deviation equal to 20% of the mean demand at the sale price.
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