Sells calendars featuring a different colonial picture

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The J&B Card Shop sells calendars featuring a different colonial picture for each month. The once-a-year order for each year’s calendar arrives in September. From past experience, the September-to-July demand for the calendars can be approximated by a normal distribution with μ=300 and standard deviation =20. The calendars cost $4.50 each, and J&B sells them for $10 each.

a) Suppose that J&B throws out all unsold calendars at the end of July. Using marginal economic analysis, how many calendars should be ordered?

b) If J&B sells any surplus calendars for $1 at the end of July and can sell all of them at this price, how many calendars should be ordered?

Reference no: EM13857324

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