An auto dealer believes that demand for 2015 model cars will be normally distributed with a mean
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An auto dealer believes that demand for 2015 model cars will be normally distributed with a mean of 200 and a standard deviation of 30. His cost of receiving a GMC Envoy is $25,000, and he sells an Envoy for $40,000. Half of all the Envoys not sold at full price can be sold for $30,000. He is considering ordering 200, 220, 240, 269, 280, or 300 Envoys. How many should he order?
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To determine the optimal number of Envoys to order we need to consider the expected profit for each potential order quantity Lets start by calculating ...View the full answer
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Related Book For 
Microsoft Excel Data Analysis And Business Modeling
ISBN: 9780137613663
7th Edition
Authors: Wayne Winston
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