Question
In: Advanced Math
FlorU football programs are printed 1 week prior to each home game. Attendance averages 90,000 screaming...
FlorU football programs are printed 1 week prior to each home game. Attendance averages 90,000 screaming and loyal Tators fans, of whom two-thirds usually buy the program, following a normal distribution with standard deviation of 5000 programs. A program sells for $4 each. Unsold programs are sent to a recycling center that pays 10 cents per program. The cost to print each program is $1.
a. How many programs should be ordered per game to maximize expected profit?
b. What is the stockout risk for this order size?
c. How sensitive is the order quantity in (a) to the following estimates?
I. The standard deviation of demand
II. The selling price of a program
III. The cost of recycling an unsold program Answer by considering at least 4 values of each quantity and calculating the corresponding order quantity. Draw a graph showing the effect of the above variables with order quantity on the Y axis. Comment briefly (1-2 lines) on each graph.
Solutions
Colby Messinger answered 6 months agoRelated Solutions
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Year
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49.0
1986
50.5
1987
51.8
1988
53.2
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