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A book shop is planning to order calendars for sale starting in October. Only one order is placed. The calendars cost $1.50 and the shop sells them for $3 each. At the end of December, the shop reduces the calendar price to $1 and can sell all the surplus calendars at this price. The October-to-December demand can be approximated by a normal distribution with 2 = 500 calendars and E = 120 calendars.
1. What inventory model should be used to determine the order quantity to maximize the total expected proot? Why?
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3. How many calendars should the shop order so as to maximize the total expected proot?
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