Burger prince buys top-grade beef for $1.00 per pound. A large sign over the ent

Question

Burger prince buys top-grade beef for $1.00 per pound. A large sign over the entrance guarantees that the meat is fresh daily.Any leftover meat is sold to the local high school cafeteria for 80 cents per pound. Four hamburger can be prepared from each pound of meat. Burgers sell for 60 cents each. Labor,overhead,meat,buns,and condiments cost 50 cents per burger. Demand is normally distributed with a mean of 388 pounds per day and a standard deviation of 30 pounds per day. What daily order quantity is optimal? (Hint shortage cost must be in dollars per pound.) (round your answer to 1 decimal place) Optimal daily order quantitly?? in lbs

Explanation / Answer

When you calculate the sample size for a proportion, you use an estimate for the population proportion (). A conservative value for n can be obtained by using =                    .

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