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Note: Solve problem using excel. Solve part a and b in one excel file but two different sheets. Name the sheet accordingly. (Please save file
Note: Solve problem using excel. Solve part a and b in one excel file but two different sheets. Name the sheet accordingly. (Please save file with your name, number and section number) 18. The local Office of Tourism sells souvenir calendars. Sue, the head of the office, needs to order these calendars in advance of the main tourist season. Based on past seasons, Sue has determined the probability of selling different quantities of the calendars for a particular tourist season. The Office of Tourism sells the calendars for $12.95 each. The calendars cost Sue $5 each. The salvage value is estimated to be $0.50 per unsold calendar. a- Determine how many calendars Sue should order to maximize expected profits. b- The Office of Tourism has decided to heavily promote local events this year and anticipates more tourists this season. Sue has changed the probability of selling different quantities of calendars as shown. Given the new probabilities, determine how many calendars Sue should order to maximize expected profits
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