A newsboy purchases papers at 10 cents and sells them at 15 cents. However, he is not allowed to return unsold papers. If his da
ily demand is a binomial random variable with n = 10 , p = 1 3 , approximately how many papers should he purchase so as to maximize his expected profit?
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Answer:
Step-by-step explanation:
Given Equation:
y=? at x= 1
Putting the given value of 'x' in the equation:
At , the value of y is