How many units should be stocked

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Reference no: EM131410016

For a given perishable product, a retailer pays $5 for each unit, then sells them for $10 each.

At the end of the day, units not sold at the store are disposed of, and the retailer receives just $1 for each. Given the following probability distribution describing daily demand, how many units should be stocked?

x	Prob. (Demand = x)	x	Prob. (Demand = x)
0	0.01	7	0.18
1	0.02	8	0.14
2	0.04	9	0.09
3	0.07	10	0.05
4	0.09	11	0.02
5	0.12	12	0.01
6	0.15	13	0.01

Reference no: EM131410016

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