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Question
A newspaper boy is trying to perfect his business in order to maximize the money he can save for a new car. Daily paper sales are normally distributed, with a mean of 100 and standard deviation of 10. He sells papers for $0.50 and pays $0.30 for them. Unsold papers are trashed with no salvage value. How many papers should he order each day and what % of the time will he experience a stockout? Are there any drawbacks to the order size proposed and how could the boy address such issues?
Answer
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Related questions
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Q:
Weight Day
Package 1
Package 2
Package 3
Package 4 Monday
23
22
23
24 Tuesday
23
21
19
21 Wednesday
20
19
20
21 Thursday
18
19
20
19 Friday
18
20
22
20 (a) If he sets an upper control limit of 21 and a lower control limit of 19 around the target value of twenty ounces, the control chart is based on what value of z?
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Answer:
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