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Author Question: A newspaper boy is trying to perfect his business in order to maximize the money he can save for a ... (Read 246 times)

WWatsford

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Question 1

Milk is stocked at the grocery store each week. At the end of the week unsold milk is reduced in price by 70% and always sells for this lower price instantly. If demand for milk is normal with a mean of 200 gallons and standard deviation of 25 gallons, find the price a fresh gallon of milk sells for. Assume a service level of 95% and that the store purchases milk for $2 per gallon.

Question 2

A newspaper boy is trying to perfect his business in order to maximize the money he can save for a new car. Paper sales are normally distributed, with a mean of 100 and standard deviation of 10. He sells papers for $.5 and pays $.30 for them. Unsold papers are trashed with no salvage value. How many papers should he order each day and what % of the time will he experience a stockout? Are there any drawbacks to the order size proposed and how could the boy address such issues?


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Marked as best answer by WWatsford on Dec 3, 2019

jessicaduplan

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WWatsford

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Reply 2 on: Dec 3, 2019
:D TYSM


alexanderhamilton

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Reply 3 on: Yesterday
Gracias!

 

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