Question: A department store will place a sale item in a
A department store will place a sale item in a special display for a one- day sale. Previous experience suggests that 20 percent of all customers who pass such a special display will purchase the item. If 2,000 customers will pass the display on the day of the sale, and if a one- item- per- customer limit is placed on the sale item, how many units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale? Assume here that customers make independent purchase decisions.
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