The demand in pounds for kale salad on Sunday is normally distributed with a mean of 500
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The demand in pounds for kale salad on Sunday is normally distributed with a mean of 500 and a standard deviation of 100. Kale salad costs $3.00 per pound to produce and sells for $8.00 per pound. At the end of the day, the leftover kale salad has no value. Considering the production levels of 500, 520, 540, 560, 580, and 600 pounds, determine the production quantity that maximizes your expected profit.
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To determine the production quantity that maximizes the expected profit we can use a Monte Carlo simulation For each production level we will simulate ...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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