What is the grocer's expected profit? Use Excel. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Expected profit
What is the grocer's expected profit? Use Excel. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Expected profit
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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Question
![A grocer purchases oranges for $2.75 per pound and sells them for $4.70 per pound. At the end
of the sales cycle, leftover oranges are sold for a closeout price of $1.60 per pound. The grocer
purchases 10,300 pounds of oranges. Expected demand is normally distributed with a mean of
8,240 pounds and a standard deviation of 1,030.
What is the grocer's expected profit? Use Excel.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Expected profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e622ae4-c26d-4cd5-ba40-8fa580e76749%2F4825f46a-a397-4158-abed-2e9ba30a736a%2F1rj1qcn_processed.png&w=3840&q=75)
Transcribed Image Text:A grocer purchases oranges for $2.75 per pound and sells them for $4.70 per pound. At the end
of the sales cycle, leftover oranges are sold for a closeout price of $1.60 per pound. The grocer
purchases 10,300 pounds of oranges. Expected demand is normally distributed with a mean of
8,240 pounds and a standard deviation of 1,030.
What is the grocer's expected profit? Use Excel.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Expected profit
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