How many ornaments should the designer order

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Reference no: EM133987063

Assignment:

A designer is planning orders for their annual limited edition ornament. Demand has been forecast to be normally distributed with a mean of 20,000 and a standard deviation of 8,000. Each ornament costs $30 and is sold for $95. All unsold ornaments are destroyed at the end of the season to ensure the value of the limited edition.

(a) How many ornaments should the designer order?

(b) The manufacturer has offered to discount the price to $28 per ornament if at least 25,000 are ordered. How should the designer respond?

Reference no: EM133987063

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