Question

Joseph must order each year's calendar in August for delivery and eventual sale by December 31st. In previous years, standard Business Calendar sales have ranged from a low of 2000 to a high of 2300, so assume that demand is uniformly distributed between 2000 and 2300. Each calendar costs $17.90 and sells for $25.96, and unsold calendars usually sell out at a 1/2 price sale in January. Assume Joseph can only order in quantities of 50.

b.      [20 pts] What probability distribution will you use to model the random demand?

Answer 1

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(b)

Uniform distribution will be used i.e. D ~ Uniform(2000, 2300)