Determine optimal number of bagels to bake each morning

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Reference no: EM132126794

Michael Scott is the owner of a small company that produces fresh bagels in New York. The daily demand for bagels appears to be normally distributed and it has been forecasted to be 450 units on average with a standard deviation of 50 bagels. Bagels are baked every morning at a cost of $2 per bagel and the selling price per bagel is $3. Bagels not sold on the day it is baked are relabeled as “day-old” and sold subsequently at a discount price of $1.50 per bagel. The day-old bagels are usually sold out in the morning right after the day they are baked. Determine the optimal number of bagels to bake each morning.

Reference no: EM132126794

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