How many programs should the athletic director order

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Reference no: EM131410063

Repeat given Exercise, under the assumption that the bookstore manager has refused to purchase unsold programs for future games.

Exercise
An athletic director must order football programs well in advance of game day. She pays $0.50 for each program, and the selling price to fans is $3.00. Programs not sold at the game can be sold to the college bookstore for $0.10 each.

Demand at the game is normally distributed, with μ = 3000 and σ = 500. To maximize expected payoff, how many programs should the athletic director order?

Reference no: EM131410063

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