The Aggies will host Tech in this year's homecoming football game. Based on advance ticket sales, the athletic department has forecast hot dog sales as shown in the following table: TT Sales Quantity Probability 1,000 2,000 3,000 4,000 5,000 0.10 0.20 0.30 0.20 0.20 The school buys premium hot dogs for $1.60 and sells them during the game at $2.80 each. Hot dogs left over after the game will be sold for $0.60 each to the Aggie student cafeteria to be used in making hotdog casserole. Use a payoff matrix to determine the number of hot dogs to buy for the game. hot dogs. (Enter your response as an integer.)

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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The Aggies will host Tech in this year's homecoming football game. Based on advance ticket sales, the athletic department has forecasted hot dog sales as shown in the following table:

| Sales Quantity | Probability |
|----------------|-------------|
| 1,000          | 0.10        |
| 2,000          | 0.20        |
| 3,000          | 0.30        |
| 4,000          | 0.20        |
| 5,000          | 0.20        |

The school buys premium hot dogs for $1.60 and sells them during the game at $2.80 each. Hot dogs leftover after the game will be sold for $0.60 each to the Aggie student cafeteria to be used in making hotdog casserole.

Use a payoff matrix to determine the number of hot dogs to buy for the game. [ ] hot dogs. *(Enter your response as an integer.)*
Transcribed Image Text:The Aggies will host Tech in this year's homecoming football game. Based on advance ticket sales, the athletic department has forecasted hot dog sales as shown in the following table: | Sales Quantity | Probability | |----------------|-------------| | 1,000 | 0.10 | | 2,000 | 0.20 | | 3,000 | 0.30 | | 4,000 | 0.20 | | 5,000 | 0.20 | The school buys premium hot dogs for $1.60 and sells them during the game at $2.80 each. Hot dogs leftover after the game will be sold for $0.60 each to the Aggie student cafeteria to be used in making hotdog casserole. Use a payoff matrix to determine the number of hot dogs to buy for the game. [ ] hot dogs. *(Enter your response as an integer.)*
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