Answered: Demand for whole turkey at County…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 22SGR

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Demand for whole turkey at County Market store during the Thanksgiving break can beapproximated by a normal distribution with an average of 55 pounds and a standard deviation of10 pounds. The turkey sells for $5 per pound, and the unit cost to the store is $1.8 per pound. For any leftover turkey after thanksgiving, the store will donate to local community center which results in a small tax deduction that is worth $0.20 per pound.Find the optimal stocking level for the turkey for the Thanksgiving week and the expected profit based on the optimal stocking level.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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