Illustrate how many tickets should she buy

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Reference no: EM1355064

A scalper is considering buying tickets for a particular game. The price of the ticket is $75, and the scalper will sell them at $150. However, if she can't sell them at $150, she won't sell them at all. Given that the demand for tickets is a binomial random variable with parameters n = 10 and p = 1/2, illustrate how many tickets should she buy in order to maximize her expected profit?

Reference no: EM1355064

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