The beginning of the week to minimize expected cost

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Mike runs a toy store and needs to decide how many units of toy A to purchase. The average weekly demand μ = 12, and standard deviation σ = 5. He pays $25 for each toy and sells each for $75. Mike can return unsold toys to the vender for $10 per unit. How many toys Mike should purchase at the beginning of the week to minimize expected cost?

Reference no: EM131667137

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