The probability of stock out for the order quantity

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Chris Elli’s newsstand sells 120 copies of the Washington Post each day. Chris believes the daily sale of the Post is normally distributed with a standard deviation of 15 papers. He pays 70 cents for each paper which sells for $1.25. The Post gives him a 30 cent credit for each unsold paper

How many papers should he order each day?

The probability of stock out for the order quantity in part a?

Reference no: EM13990096

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The probability of stock out for the order quantity : Chris Elli’s newsstand sells 120 copies of the Washington Post each day. Chris believes the daily sale of the Post is normally distributed with a standard deviation of 15 papers. He pays 70 cents for each paper which sells for $1.25. How many papers ..

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