Assignment:
The Crestview Printing Company prints a particularly popular Christmas card once a year and distributes the cards to stationery and gift shops throughout the United States. It costs Crestview 50 cents to print each card, and the company receives 65 cents for each card sold. Because the cards have the current year printed on them, those cards that are not sold are generally discarded. Based on past experience and forecasts of current buying patterns, the probability distribution of the number of cards to be sold nationwide for the next Christmas season is estimated to be
|
Quantity Sold
|
Probability
|
|
100,000-150,000
|
.10
|
|
150,001-200,000
|
.15
|
|
200,001-250,000
|
.25
|
|
250,001-300,000
|
.20
|
|
300,001-350,000
|
.15
|
|
350,001-400,000
|
.10
|
|
400,001-450,000
|
.05
|
Determine the number of cards that Crestview should print this year.
Provide complete and step by step solution for the question and show calculations and use formulas.