Question
Teresa Granger is the manager of Chicago Cheese, which produces cheese spreads and other cheese-re- lated products. E-Z Spread Cheese is a product that has
Teresa Granger is the manager of Chicago Cheese, which produces cheese spreads and other cheese-re- lated products. E-Z Spread Cheese is a product that has always been popular. The probability of sales, in cases, follows normal distribution with a mean of 103 cases and standard deviation of 10.15. A case of E-Z Spread Cheese sells for $110.00 and has a cost of $73.08. Any cheese that is not sold by the end of the week is sold to a local food processor at a discount of 40%.
a). What is the value of the critical Probability? (round answer to 4 decimal places)
b-1). How many cases of E-Z Spread Cheese to produce each week to maximize average profit? (Round answer to 4 decimal places)
How many cases of E-Z Spread Cheese to produce each week? Z-table value = Round your answer to 4 decimal places. Stock = Round your answer to the nearest integerStep by Step Solution
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