Number of Customers/Day |
Probability |
8 |
0.35 |
10 |
0.30 |
12 |
0.25 |
14 |
0.10 |
Customers order 1, 2, 3, or 4 dozen bagels according to the following probability distribution
Number of Dozen Ordered/Customer |
Probability |
1 |
0.40 |
2 |
0.30 |
3 |
0.20 |
4 |
0.10 |
Bagels sell for $8.40 per dozen. They cost $5.80 per dozen to make. All bagels not sold at the end of the day are sold at half-price to a local grocery store. Based on 10 days of simulation, how many dozen bagels should be baked each day? Could you please use Excel and random number generation?!
Apologies for being unable to attempt on the excel however Ihope you will like the solution and will support me by giving anupvote!Please find the answer below:{:[" Expected Customer "=sum P(x)**V ... See the full answer