Question: Provide step-by-Step solution and rationale. Consider the same Newsvendor problem we analyze in class: To tie in with the holiday season. Company X likes to

Provide step-by-Step solution and rationale.  Provide step-by-Step solution and rationale. Consider the same Newsvendor problem we
analyze in class: To tie in with the holiday season. Company X

Consider the same Newsvendor problem we analyze in class: To tie in with the holiday season. Company X likes to sell a special ginger spice home freshener during the month of December, but does not normally carry this home freshener scent throughout the remainder of the year. Company X sells the freshener to customers for $8 and it costs them $5 to purchase it from their supplier On January 1 st, any remaining ginger spice freshener in stock is sold at a discounted price of $4 in order to free up space for inventory of year-round home fresheners. Based on last year's sales. Company X expects to sell 5000 units of this air freshener, with a standard deviation of 200 units. Assume normally distributed demand. Suppose that the owner is not happy about the customer service level (i.e., in-stock probability) and would like to meet 98% of customer demand during the selling season, how much should it order from its supplier? What is stock-out probability

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