Under an employment promotion programme, it is proposed to allow sales of newspapers on the buses during off- peak hours. The vendor can purchase the newspaper at a (33)% special discounted rate per copy against the selling price of one Rial. Any unsold copies are, however a dead loss. A vendor has estimated the following probability distribution for the number of copies demanded.
|
No of copies demanded |
20 |
21 |
22 |
23 |
24 |
25 |
26 |
27 |
|
Probability |
0.1 |
0.12 |
0.15 |
0.17 |
0.17 |
0.2 |
0.06 |
0.03 |
How many copies should he order so that his expected profit will be maximum?
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Under an employment promotion programme, it is proposed to allow sales of newspapers on the buses...