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Analysis of recent demand

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A Las Vegas bakery must decide how many wedding cakes to prepare for the upcoming weekend. Cakes cost $33 each to make, and sell for $60 each. Unsold cakes are reduced to half-price on Monday, and typically one third of those are sold. Any that remain are donated to a nearby senior centre. Analysis of recent demand resulted in the following probability distribution:

Demand 0 1 2 3

Probability 0.15 0.35 0.30 0.20

How many cakes should be prepared?

Reference no: EM132216111

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