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What is the optimal number to order to maximize Joseph's expected profit and what is the...

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Advance Math

What is the optimal number to order to maximizeJoseph's expected profit and what is the expected profit on thefollowing?

Joseph must order each year's calendar in August fordelivery and eventual sale by December 31st. In previous years,standard Business Calendar sales have ranged from a low of 2000 toa high of 2300, so assume that demand is uniformly distributedbetween 2000 and 2300. Each calendar costs $17.90 and sells for$25.96, and unsold calendars usually sell out at a 1/2 price salein January. Assume Joseph can only order in quantities of50.

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