Question: this is a qn from materials management please help me to solve this.. Barbara Flynn sells papers at a newspaper stand for $0.35. The papers

this is a qn from materials management please

this is a qn from materials management please help me to solve this..

Barbara Flynn sells papers at a newspaper stand for $0.35. The papers cost her $0.20, giving her a $0.15 profit on each one she sells. From past experience Barbara knows that a) 20% of the time she sells 150 papers. b) 20% of the time she sells 200 papers. c) 30% of the time she sells 250 papers. d) 30% of the time she sells 300 papers. Assuming that Barbara believes the cost of a lost sale to be $0.05 and any unsold papers cost her $0.20 and she orders 250 papers. Use the following random numbers: 13, 97, 22, 53, and 39 for simulaing Barbara's profit. (Note: Assume the random number interval begins at 01 and ends at 00.) Based on the given probability distribution and the order size, for the given random number Barbara's sales and profit are (enter your responses for sales as integers and round all profit responses to two decimal places): Sales Profit Random Number 13 97 22 53 39 Enter your answer in each of the answer boxes

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!