Newsweek should the store order to maximize its profit

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Reference no: EM132191080

A small supermarket is trying to determine how many copies of Newsweek magazine they should order each week. They believe their demand for Newsweek is governed by the following discrete random variable

Demand Probability EMAND PROBABILITY

15 0.10

20 0.20

25 0.30

30 0.25

35 0.15

Ø The supermarket sells each copy for $1.95

Ø The supermarket pays $1.00 for each copy

Ø Unsold copy will be returned for $0.50.

How many copies of Newsweek should the store order to maximize its profit? (solve using simulation model)

Reference no: EM132191080

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