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Chris Ellis's newsstand, inside the Museum subway station in Toronto, usually sells 150 copies of The Toronto Star each day (on average). Chris believes
Chris Ellis's newsstand, inside the Museum subway station in Toronto, usually sells 150 copies of The Toronto Star each day (on average). Chris believes the sale of the newspaper is normally distributed, with a standard deviation of 20 papers per day. He pays 50 cents for each paper, which sells for $1.10. The company buys the unsold paper from him at 10 cents a piece. Find the optimal number of newspapers he should purchase every morning. Note: Round your answer to the nearest integer. Your Answer:
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Statistics For Business Decision Making And Analysis
Authors: Robert Stine, Dean Foster
2nd Edition
978-0321836519, 321836510, 978-0321890269
