A Las Vegas supermarket bakery must decide how many wedding cakes to prepare for the upcoming weekend. Cakes cost $30.67 each to make and they sell for $49.89 each. The price of unsold cakes is reduced to $23.26 on Mondays. Demand for the weekend is normally distributed with a mean of 90 and a standard deviation of 9.1. What is the optimal probability of stocking out of wedding cakes on the weekend? Carry answer to 4 decimal places.
A Las Vegas supermarket bakery must decide how many wedding cakes to prepare for the upcoming weekend. Cakes cost $55 each to make and they sell for $66 each. The price of leftover wedding cakes is reduced by 50% on Mondays to clear out inventory. Demand for the weekend is normally distributed with a mean of 107 and a standard deviation of 11. What is the optimal number of wedding cakes to stock on the weekend? Carry answer to 4 decimal places.