Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Rohit bakes fresh cakes every morning. The daily demand for his cakes has a discrete distribution:DemandProbability77%Expected profit1418%2126%Number of cakes2625%3119%Each cake costs Rohit $20.00 to make and is sold for $40. Given that everyone knows that fresh cake is so much better, unsold cakesat the end of the day are sold to Rohit's brother for 73 cents each (Rohit is tempted to ask his brother what he does with them all, butisn't sure he wants to know).365%a. If Rohit decided to bake 21 cakes each day, what would be his expected profit? Do not round intermediate calculations. Roundyour answer to 2 decimal places.b. Based on the demand distribution above, how many cakes should Rohit bake each day to maximize his expected profit?

Let me state the given data, The formulas are shown below,

a. If Rohit decided to bake 21 cakes each day, what would be his expected profit? Do not round intermediate calculations. Round your answer to 2 decimal places. Expected profit b. Based on the demand distribution above, how many cakes should Rohit bake each day to maximize his expected profit? Number of cakes

a. If Rohit decided to bake 21 cakes each day, what would be his expected profit? Do not round intermediate calculations. Round your answer to 2 decimal places. Expected profit b. Based on the demand distribution above, how many cakes should Rohit bake each day to maximize his expected profit? Number of cakes

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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