How many cases should be produced each day

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Reference no: EM13252499

Daily sales of a perishable food product are known to be either 8, 9, 10, or 11 cases with probabilities 0.1, 0.3, 0.4, and 0.2, respectively. The cost of producing one of these is $4 while the selling price is $7. Cases not sold during the day are sold to a food processing plant for $1 each, but cases can only be produced in the morning before the store opens. If you wish to maximize expected profit, how many cases should be produced each day?

Reference no: EM13252499

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