3) A hot dog vendor (like a professor after getting fired from the University) at Memorial Stadium sells hot dogs for $6 each. He buys them for $2 each. All the hot dogs he fails to sell at Memorial Stadium during the afternoon can be sold that evening at Jaycee Park for $1 each. The daily demand for hot dogs at Memorial Stadium is normally distributed with a mean of 200 and standard deviation of 16 hot dogs. • If the vendor buys hot dogs once a day, how many should he buy to maximize expected profit? • If he buys 210 hot dogs, what is the probability that he will meet all of the day's demand for hot dogs at Memorial Stadium?
3) A hot dog vendor (like a professor after getting fired from the University) at Memorial Stadium sells hot dogs for $6 each. He buys them for $2 each. All the hot dogs he fails to sell at Memorial Stadium during the afternoon can be sold that evening at Jaycee Park for $1 each. The daily demand for hot dogs at Memorial Stadium is normally distributed with a mean of 200 and standard deviation of 16 hot dogs. • If the vendor buys hot dogs once a day, how many should he buy to maximize expected profit? • If he buys 210 hot dogs, what is the probability that he will meet all of the day's demand for hot dogs at Memorial Stadium?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:3) A hot dog vendor (like a professor after getting fired from the University) at
Memorial Stadium sells hot dogs for $6 each. He buys them for $2 each. All the hot dogs he fails to sell
at Memorial Stadium during the afternoon can be sold that evening at Jaycee Park for $1 each. The daily
demand for hot dogs at Memorial Stadium is normally distributed with a mean of 200 and standard
deviation of 16 hot dogs.
• If the vendor buys hot dogs once a day, how many should he buy to maximize expected profit?
• If he buys 210 hot dogs, what is the probability that he will meet all of the day's demand for hot
dogs at Memorial Stadium?
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