The MeatsRUs Butcher Shop in downtown Philadelphia buys lamb chops from a local meatpacking house.

The MeatsRUs Butcher Shop in downtown Philadelphia buys lamb chops from a local meatpacking house. The meat is purchased on Monday at $3.50 per pound, and the shop sells lamb chops for $7.00 per pound. Any lamb left over at the end of the week is sold to a local zoo for $1.00 per pound. The possible demands for lamb chops and the probability of each are shown in the following table:

Demand (lbs)	Probability
20	.20
22	.35
24	.25
26	.20

The shop must decide how many pounds of lamb chops to buy every week from the meatpacker.

a. Construct a payoff table

b. Calculate the Expected Value for each alternative (order size)

c. Make a recommendation based on your EV results

Expert Solution

orchestra answered 3 years ago

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