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2. A city is hosting an annual marathon event and wants to produce t-shirts. Maria was...

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Statistics

2. A city is hosting an annual marathon event and wants toproduce t-shirts. Maria was able to obtain previous years’ demandand probability data as given in below table. She alsoestimates:

Selling price is $10, cost is $3, and the salvage valueis $1.

Calculate all numbers in the payoff table. Show all work. Howmany shirts should be made to maximize profit?

Demand = 1000, 20%

Demand = 2000, 30%

Demand = 3000, 30%

Demand = 4000, 20%

Profit

Make 1000

Make 2000

Make 3000

Make 4000

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