Marketing and Consumer Behavior
Levain Bakery, on West 74th Street in New York City, is trying to determine the number of loaves of raisin bread to make each day. Over the past few months the store has baked 50 loaves each day and has sold out with probability 0.80. Suppose the owner continues this practice and 30 days are selected at random.
a. What is the expected number of days on which all 50 loaves will be sold?
b. Find the probability of selling all 50 loaves on at least 20 days.
c. Find the probability of selling all 50 loaves on at most 18 days.