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Manager at Sports store, a sporting goods store, has to decide on the number of jackets to purchase for the winter season. Based on past
Manager at Sports store, a sporting goods store, has to decide on the number of jackets to purchase for the winter season. Based on past demand data and weather forecasts for the year, management has forecast demand to be normally distributed with a mean of =350 and a standard deviation of = 100. Each pair of jackets costs c = 120 and retails for p = $260. Any unsold jackets at the end of the season are disposed of for s = $85. What is the expected profit? (Provide answer to two decimal places)
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