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A small drugstore orders copies of a news magazine for its magazine rack each week. Let x be the number of customers who come in to buy the magazine...
A small drugstore orders copies of a news magazine for its magazine rack each week. Let x be the number of customers who come in to buy the magazine during a given week. The probability distribution of x is x123456P(x)1/152/153/154/153/152/15The store pays $ .25 for each copy purchased, and the price of the magazine is $1.00. Any magazines unsold at the end of the week have no value.a)If the store orders three copies of the magazine, what is the mean value of the profit? (Profit = Revenue – Cost)b)If the store orders four copies of the magazine, is it better to order four than three copies of the magazine. Explain.
