Question: Please ensure the rounding is to the decimal stated so I can follow along! Thank you:) You are a newsvendor selling San Pedro Times every

Please ensure the rounding is to the decimal stated so I can follow along! Thank you:)

You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.50 a copy. You sell a copy of San Pedro Times for $1.35. Daily demand is distributed normally with mean = 350 and standard deviation = 70. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) Optimal order quantity b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) Probability %

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