Evaluate demand probability

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Reference no: EM1377773

Q. The steak also Chop purchases steak from a local meatpacking house. The meat is purchased on Monday at $2.00 per pound also the shop sells the steak for $3.00 per pound. Any steak left over at the end of the week is sold to a local zoo for $0.50 per pound. The possible demands for steak also the probability for each are as follows:

Demand (lb) Probability
20 0.1
21 0.2
22 0.3
23 0.3
24 0.1

Reference no: EM1377773

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