What is the fill rate and in-stock probability that ecotable

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Reference no: EM133335325

Assignment:

EcoTable is a retailer of specialty organic and ecologically friendly foods. In one of their Cambridge, Massachusetts, stores, they plan to offer a gift basket of Tanzanian teas for the holiday season. They plan on placing one order, and any leftover inventory will be discounted at the end of the season. Expected demand for the store is 47 units with a standard deviation of 16 units. Assume that demand is normally distributed. The gift basket sells for $90, the purchase cost to EcoTable is $39, and leftover baskets can be sold for $24.

How many baskets should EcoTable purchase to maximize its expected profit?
Determine the expected profit that EcoTable would earn if it ordered the quantity identified in part (1).
What is the fill rate and in-stock probability that EcoTable could expect if it ordered the quantity identified in part (1)?

Reference no: EM133335325

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