Question 1 (2+2+2+2+2 = 10 points) Discrete demand for newsvendor model Holiday Gift shop places orders for Christmas items during a trade show in July. One item to be ordered is a dated sterling silver tree ornament. The ornaments cost $65 when ordered in July. The ornament will sell for $100. Ornaments unsold by Christmas are marked down to half retail price and always sell during January. The best estimate for demand is: a) What is the mean demand? (Hint: sum up all x*Pr(D=x).) / b) What is the newsvendor critical ratio? 0) What is the optimal number of ornament Q* to order? d) What is the expected number of ornaments sold per day if we use the optimal quantity Q* obtained in (c)? e) What is the expected prot if we use the optimal quantity Q* obtained in (c)