Under an employment promotion programme, it is proposd to allow sales of newspapers on the buses during
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Question:
Under an employment promotion programme, it is proposęd to allow sales of newspapers on the buses during off- peak hours. The vendor can purchase the newspaper at a (65)% special discounted rate per copy against the selling price of one Rial. Any unsold copies are, however a dead loss. A vendor has estimated the following probability distribution for the number of copies demanded.
NO.ofcopiesdemanded | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |
Probability | 0.1 | 0.12 | 0.15 | 0.17 | 0.17 | 0.2 | 0.06 | 0.03 |
How many copies should he order so that his expected profit will be maximum?
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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