Question
The number of dozens of golf ball that a country club sells in a given month is random. Suppose the balls sell for $45.00 per
The number of dozens of golf ball that a country club sells in a given month is random. Suppose the balls sell for $45.00 per dozen and it costs the club $35 per dozen. The following describes the distribution of demand for (dozens of) golf balls in a one month period. There is a probability of 0.13 that the club will sell 110 dozen golf balls; there is a probability of 0.26 that the club will sell 130 dozen golf balls; there is a probability of 0.21 that the club will sell 160 dozen golf balls; otherwise, the club will sell 220 dozen golf balls. What is the expected profit if they order 160 dozen golf balls? (please express your answer using 2 decimal places)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started