If a store runs out of advertised material during a sale, customers become upset, and the store loses not only the sale but also goodwill. From past experience, a music store finds that the mean number of cds sold in a sale is 845, the standard deviation is 15, and a histogram of the demand is approximately normal. The manager is willing to accept a 2. 5% chance that a cd will be sold out. About how many cds should the manager order for an upcoming sale?.

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AikawaAisyah91951 AikawaAisyah91951

13-09-2022
Business

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If a store runs out of advertised material during a sale, customers become upset, and the store loses not only the sale but also goodwill. From past experience, a music store finds that the mean number of cds sold in a sale is 845, the standard deviation is 15, and a histogram of the demand is approximately normal. The manager is willing to accept a 2. 5% chance that a cd will be sold out. About how many cds should the manager order for an upcoming sale?.

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devikabalrajan devikabalrajan · Answer 1 · 2022-09-17T05:12:28-04:00

If a store runs out of advertised material during a sale, customers become upset, and the store loses not only the sale but also goodwill.

From past experience, a music store finds that the mean number of CDs sold in a sale is 845, the standard deviation is 15, and a histogram of the demand is approximately normal.

The manager is willing to accept a 2. 5% chance that a cd will be sold out. About 860 CDs should the manager order for an upcoming sale.

What is the law of supply?

The law of supply is the microeconomic law which states that, all other factors are equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, or the vice versa.

The law of supply says that as the price of an item goes up, suppliers will try to maximize their profits by increasing the number of items for sale.

To learn more about law of supply, refer to:

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