Question: Question 4 [ 1 0 marks ] Sweet Flower Store must decide how many rose bouquets to prepare for the upcoming Valentine's Day. Normally, the

Question

4 [10

marks

]

Sweet Flower Store must decide how many rose bouquets to prepare for the upcoming Valentine's Day. Normally, the rose bouquets sell well on Valentine's Eve and Valentine's Day. After the two days, unsold bouquets are reduced to half

-

price, and typically a quarter of those are sold. The rest of the flowers will be discarded. Rose bouquets cost $

60

each, and they sell for $

180

each. The demand can be approximated by a normal distribution with mean

= 200

bouquets and standard deviation

= 40

bouquets.

What inventory model should be used to determine the order quantity to minimize the total expected cost? Why?

What is the critical ratio?

How many rose bouquets should be prepared so as to maximize the total expected profit?

Question 4[10 marks] Sweet Flower Store must decide how many rose

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