Cynthia Knott's oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $10 per pound. Any oysters not sold that day are sold toher cousin, who has a nearby grocery store, for $3 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 120 poundsand a standard deviation of 11 pounds. How many pounds should she order each day? Refer to the standard normal table for z-values.Cynthia should order pounds of oysters each day (round your response to one decimal place). The table below shows the total area under the normal curve for a point that is Z standard deviations to the right of themean.0.08 0.090.5319 0.53590.6026 0.6064 0.6103 0.61410.30.6406 | 0.6443 | 0.6480 0.65170.40.50.00 0.01 0.02 0.03 0.04 0.05 0.06 0.070.5000 0.5040 | 0.5080 | 0.5120 | 0.5160 0.5199 0.5239 | 0.52790.5398 0.5438 | 0.5478 0.5517 0.5557 0.5596 0.5636 | 0.5675 0.5714 0.57540.5793 0.5832 0.5871 0.5910 0.5948 0.59870.6179 0.6217 | 0.6255 | 0.6293 | 0.6331 | 0.63680.6554 0.6591 0.6628 0.6664 0.6700 | 0.6736 0.6772 0.6808 0.6844 0.68790.6915 0.6950 0.6985 0.7019 0.7054 | 0.7088 | 0.7123 | 0.7157 0.7190 | 0.72240.6 0.7258 0.7291 0.7324 0.7357 0.7389 0.7422 0.7454 0.7486 0.7518 0.75490.7 0.7580 0.7612 | 0.7642 | 0.7673 0.7704 | 0.7734 0.7764 | 0.7794 | 0.7823 | 0.78520.8 0.7881 0.7910 0.7939 0.7967 0.7996 0.8023 | 0.8051 | 0.8079 | 0.8106 0.81330.9 0.8159 0.8186 0.8212 | 0.8238 | 0.8264 | 0.8289 0.8315 0.8340 | 0.8365 0.83890.8413 0.8438| 0.8461 0.8485 0.8508 | 0.8531 0.8554 | 0.8577 0.85990.8643 0.8665 | 0.8686 0.8708 | 0.8729 0.8749 | 0.8770 | 0.8790 | 0.88100.8849 0.8869 0.8888 | 0.8907 | 0.8925 | 0.8944 0.8962 | 0.8980 | 0.8997 0.90150.9032 0.9049 0.9066 | 0.9082 | 0.9099 0.9115 0.9131 0.9147 0.9162 0.91770.9192 0.9207 0.9222 | 0.9236 0.9251 0.9265 0.9279 0.9292 0.9306 0.93190.9332 0.9345 0.9357 0.9370 | 0.9382 0.9394 | 0.9406 | 0.9418 | 0.9430 0.94411.6 0.9452 0.9463 0.9474 0.9485 0.9495 0.9505 0.9515 0.9525 0.9535 0.95451.7 0.9554 0.9564 0.9573 | 0.9582 | 0.9591 0.9599 | 0.9608 | 0.9616 0.9625 0.96331.00.86211.10.88301.21.31.41.5Z0.00.10.2

Purchase Price = $ 5Selling Price = $ 10Salvage Price = $ 3Mean = 120 poundsStandard Deviation = 11…

Answered: Cynthia should order pounds of oysters…

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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