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Irwin s sells a particular model of fan, with most of the sales being made in the summer months. Irwin s makes a one -
Irwins sells a particular model of fan, with most of the sales being made in the summer months. Irwins makes a onetime purchase of the fans prior to each summer season at a cost of $ each and sells each fan for $ Any fans unsold at the end of the summer season are marked down to $ and sold in a special fall sale. Virtually all markeddown fans are sold. The following is the number of sales of fans during the past summers: Based on the observed values of the prior demand, construct an empirical probability distribution of summer demand and determine the optimal number
of fans for Irwins to buy based on the empirical distribution.
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