You are a news vendor selling the FTU Daily Times every morning. Before you get to...

You are a news vendor selling the FTU Daily Times every morning. Before you get to work, you go to the printer and buy the day’s paper for $0.35 a copy. You sell a copy of the Sun Times for $1.20. Daily demand is distributed normally with mean = 300 and standard deviation = 75. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. How many copies of the FTU Times should you buy each morning? Based on part (a), what is the probability that you will run out of stock?

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milcah answered 9 months ago

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