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Calculate the expected profit

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Reference no: EM13987680

A small market orders copies of a certain magazine for its magazine rack each week. Let X=X=demand for the magazine, with pmf

x    p(x)

1    1/15

2    2/15

3    3/15

4    4/15

5    3/15

6     2/15

Suppose the store owner actually pays $ 1.25 for each copy of the magazine and the price to customers is $ 3.75. If magazines left at the end of the week have no salvage value, calculate the expected profit.

Reference no: EM13987680

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