Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Transcribed Image Text:Rohit bakes fresh cakes every morning. The daily demand for his cakes has a discrete distribution:
Demand
Probability
7
7%
Expected profit
14
18%
21
26%
Number of cakes
26
25%
31
19%
Each cake costs Rohit $20.00 to make and is sold for $40. Given that everyone knows that fresh cake is so much better, unsold cakes
at the end of the day are sold to Rohit's brother for 73 cents each (Rohit is tempted to ask his brother what he does with them all, but
isn't sure he wants to know).
36
5%
a. If Rohit decided to bake 21 cakes each day, what would be his expected profit? Do not round intermediate calculations. Round
your answer to 2 decimal places.
b. Based on the demand distribution above, how many cakes should Rohit bake each day to maximize his expected profit?
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