For given Exercise, how many cod should be purchased if leftover fish can be sold to a fertilizer company for 20 cents each?
Exercise
The manager of a fish market pays 60 cents each for cod and sells them for $1.00 each. Fish left over at the end of the day are discarded.
The daily demand can be approximated by a normal distribution having a mean of 300 and a standard deviation of 50. To maximize his expected profit, how many cod should the manager buy before the market opens each day?