2024 – Question must be answered in Excel The Steak and chop Butcher Shop purchases steak from a local meatpacking house
Decision Analysis – 2024
Question must be answered in Excel:
| The Steak and chop Butcher Shop purchases steak from a local meatpacking house. The meat is purchased on Monday at $2.00 per pound, and the shop sells the steak for $3.00 per pound. Any steak left over at the end of the week is sold to a local zoo for $.50per pound. The possible demands for steak and the probability of each are shown in the following table: | ||
| Demand (lb.) | Probability | |
| 20 | 0.1 | |
| 21 | 0.2 | |
| 22 | 0.3 | |
| 23 | 0.3 | |
| 24 | 0.1 | |
| 1 | ||
| The shop must decide how much steak to order in a week. Construct a payoff table for this decision situation and determine the amoun of steak that should be ordered, using epected value. |
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