Homework Help is Here – Start Your Trial Now!
Math
Probability
7) You have a fruit stand. At the beginning of each week, you order some fruit, and sell it retail at a 100% markup. For example, a piece of fruit that you sell retail for $5 cost you $2.50. At the end of the week, any fruit not sold is sold to a juicer for 40% of what you paid for it (or 20% of the retail price). (For example, you pay $2.50 for a piece of fruit, which you can sell retail for $5, but if you don't sell it retail you can sell it to a juicer for $1.) The average amount of fruit that your customers want to purchase that week is $10,000 (Retail. In other words, you paid $5,000 for it.). This amount is distributed normally, with a standard deviation of $1,000. To maximize your long term profits, how much fruit (in terms of retail price) should you purchase each week? Round, if necessary, to the nearest $10.

7) You have a fruit stand. At the beginning of each week, you order some fruit, and sell it retail at a 100% markup. For example, a piece of fruit that you sell retail for $5 cost you $2.50. At the end of the week, any fruit not sold is sold to a juicer for 40% of what you paid for it (or 20% of the retail price). (For example, you pay $2.50 for a piece of fruit, which you can sell retail for $5, but if you don't sell it retail you can sell it to a juicer for $1.) The average amount of fruit that your customers want to purchase that week is $10,000 (Retail. In other words, you paid $5,000 for it.). This amount is distributed normally, with a standard deviation of $1,000. To maximize your long term profits, how much fruit (in terms of retail price) should you purchase each week? Round, if necessary, to the nearest $10.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
See similar textbooks
icon
Related questions
Question

I need help with 7, thank you!

The number of fan letters received by a band each month is distributed normally, with a mean of 6.5 and a standard deviation of 2.5. Use the Z calculator to answer the questions below: 6a) Use continuity correction to determine the probability that the band receives no more than 5 fan letters in a given month. Round to the nearest 0.1%. 6b) Calculate the probability that the average number of fan letters per month which the band receives over a 10-month period is at least 7. Round to the nearest 0.1%. 7) You have a fruit stand. At the beginning of each week, you order some fruit, and sell it retail at a 100% markup. For example, a piece of fruit that you sell retail for $5 cost you $2.50. At the end of the week, any fruit not sold is sold to a juicer for 40% of what you paid for it (or 20% of the retail price). (For example, you pay $2.50 for a piece of fruit, which you can sell retail for $5, but if you don’t sell it retail you can sell it to a juicer for $1.) The average amount of fruit that your customers want to purchase that week is $10,000 (Retail. In other words, you paid $5,000 for it.). This amount is distributed normally, with a standard deviation of $1,000. To maximize your long-term profits, how much fruit (in terms of retail price) should you purchase each week? Round, if necessary, to the nearest $10. 8) You are auditioning lead guitarists, in random order, for a project band. 35 people have signed up to audition, of which you will consider exactly 5 to be a good fit. What is the probability that you find the first person who auditions to be a good fit, then none of the next six people is a good fit? Round to the nearest 0.1%.
Transcribed Image Text:The number of fan letters received by a band each month is distributed normally, with a mean of 6.5 and a standard deviation of 2.5. Use the Z calculator to answer the questions below: 6a) Use continuity correction to determine the probability that the band receives no more than 5 fan letters in a given month. Round to the nearest 0.1%. 6b) Calculate the probability that the average number of fan letters per month which the band receives over a 10-month period is at least 7. Round to the nearest 0.1%. 7) You have a fruit stand. At the beginning of each week, you order some fruit, and sell it retail at a 100% markup. For example, a piece of fruit that you sell retail for $5 cost you $2.50. At the end of the week, any fruit not sold is sold to a juicer for 40% of what you paid for it (or 20% of the retail price). (For example, you pay $2.50 for a piece of fruit, which you can sell retail for $5, but if you don’t sell it retail you can sell it to a juicer for $1.) The average amount of fruit that your customers want to purchase that week is $10,000 (Retail. In other words, you paid $5,000 for it.). This amount is distributed normally, with a standard deviation of $1,000. To maximize your long-term profits, how much fruit (in terms of retail price) should you purchase each week? Round, if necessary, to the nearest $10. 8) You are auditioning lead guitarists, in random order, for a project band. 35 people have signed up to audition, of which you will consider exactly 5 to be a good fit. What is the probability that you find the first person who auditions to be a good fit, then none of the next six people is a good fit? Round to the nearest 0.1%.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON
SEE MORE TEXTBOOKS