Expected profit based on the optimal stocking level

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Reference no: EM13807833

Demand for whole turkey at County Market store during the Thanksgiving break can be approximated by a normal distribution with an average of 55 pounds and a standard deviation of 10 pounds. The turkey sells for $5 per pound, and the unit cost to the store is $1.8 per pound. For any leftover turkey after thanksgiving, the store will donate to local community center which results in a small tax deduction that is worth $0.20 per pound.

Find the optimal stocking level for the turkey for the Thanksgiving week and the expected profit based on the optimal stocking level.

Reference no: EM13807833

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