# Answered Essay: The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold t

The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold to a dealer that resells it to farmers who use it to feed their animals. This week the supermarket can buy fresh lettuce for \$8.00 a box. The lettuce is sold for \$16.00 a box and the dealer that sells old lettuce is willing to pay \$1.80 a box. Past history says that tomorrow’s demand for lettuce averages 245 boxes with a standard deviation of 38 boxes How many boxes of lettuce should the supermarket purchase tomorrow? (Use Excel’s NORMSINV) function to find the correct critical value for the given a-level. Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of boxes

## Expert Answer

Underage cost, Cu = 16-8 = 8

Overage cost, Co = 8-1.8 = 6.2

Critical ratio = Cu/(Cu+Co) = 8/(8+6.2) = 0.5634

Z = NORMSINV(0.5634) = 0.1595

Number of boxes = m + z*s = 245+0.1595*38 = 251 boxes

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