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Probability distribution describing daily demand

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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?

Prob. Prob.
x (Demand = x) x (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: EM132918966

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