<span>larry asks a court to cancel the contract and return the parties to the positions that they held before its formation. this request involves a speech skill of 90</span>

6 0

3 years ago

Concert Production is planning an appearance of the top band Iggy Wiggy. They plan to buy custom desgined T-shirts to sell at th

Citrus2011 [14]

Answer:

Iggy Wiggy T-shirts should order 6,829 units of T-shirt

Explanation:

Cost per T-shirt = $8.00

Selling Price per T-shirt = $25

Marginal Profit = 25 - 8 = $17

Marginal Loss when t-shirt is sold for $5 = $8 - $5 = $3

Mean = 6000 units

Standard deviation = 800 units

Using the News Vendor Model

Q = MP / MP + ML

Q = 17 / (17+3)

Q = 17 / 20

Q = 0.85

Using NORMINV in Ms excel

= NORMINV (probability, mean, standard deviation)

= NORMINV(0.85,6000,800)

= 6829.14 units

Thus, Iggy Wiggy T-shirts should order 6829 units of T-shirt.

3 0

3 years ago