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Hard Rock Cafe employs the newsvendor model to determine the optimal number of daily burgers to prepare. The cost of under-ordering a burger is $2.00

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Hard Rock Cafe employs the newsvendor model to determine the optimal number of daily burgers to prepare. The cost of under-ordering a burger is $2.00 per burger, while the cost of over-ordering is $5,60 per burger. The dally sales of burgers are normally distributed with a mean of 52.1 burgers and a standard deviation of 7.8 burgers. What is the optimal number of burgers the store should make each morning to maximize its expected profit? (Round to the nearest integer) (Hint: Using the NORM.INV function in Excel. NORM.INV ICritical fractile, mean (average number sold), standard deviation) 48 49 59 52 Hide hint for Question 5 using the NORM.INY function in Excel, NORM.INV (Critical fractile, mean (average number sold). standard deviation)

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