The University of Manitoba bookstore stocks textbooks in preparation for sales each semester. It normally relies on

Question:

The University of Manitoba bookstore textbooks in preparation for sales each semester. It normally relies on departmental forecasts and preregistration records to determine how many copies of a text are needed. Preregistration shows 90 operations management students enrolled, but bookstore manager Curtis Ketterman has second thoughts, based on his intuition and some historical evidence. Curtis believes that the of sales may range from 70 to 90 units, according to the following probability model:

Demand 70 75 80 85 90 0.30 0.15 Probability 0.30 0.20 0.05

a) Construct the table of conditional profits.
b) How many copies should the bookstore stock to achieve highest expected value?

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