Jumbo James sells hotdogs out of a cart for $3.00 each.His cost to purchase and prepare the hotdog is $1.15 each.He operates the small business with very few capital assets and has no place to store unsold hotdogs.For this reason, every evening he sells the unsold hotdogs to a local homeless shelter for $0.50 each.Jumbo James will choose one of the following options as a standard stocking plan: d1 = 100; d2 = 150; or d3 = 200 hot dogs.On any weekday, the demand for hot dogs and the probability of selling them is estimated as follows:
a.Determine the expected value if Jumbo James stocks 200 hot dogs every day.
b.Determine the expected value if Jumbo James decides to stock 150 hot dogs every day.
Definitions:
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