A newsvendor needs to determine the number of newspapers to order from the publisher. The...
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A newsvendor needs to determine the number of newspapers to order from the publisher. The average demand from the newsvendor is 360 papers per day and the standard deviation is 35 papers per day (assuming the demand is normally distributed). The newsvendor pays the publisher 0.463 dollars per paper, and he/she sells the newspaper with a price of 1.2 dollars per paper. At the end of the day, unsold newspapers are sent to a recycling center that pays only 0.1 dollars per paper a) (3 points) Number newspapers should be ordered per day from the publisher. (round your response to the nearest whole number) b) (2 points) The probability of stockout is Number % (Note, please respond in percentage)
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