Purchase in order to maximize his expected profit

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Reference no: EM132284387

The owner of a seafood store must decide how many pounds of oysters to purchase. He can buy 120 pounds for $75 or 180 pounds for $100. He then sells the oysters for $1.50 per pound. Over the past 10 weeks, demand for oysters has been 50 pounds once, 100 pounds twice, 150 pounds six times, and 200 pounds once. How many pounds of oysters should he purchase in order to maximize his expected profit?

Reference no: EM132284387

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