11 May Ernie’s Fish Market Sells Fresh Trout. Every Week Ernie Buys Fish From A Supplier In …
Ernie’s Fish Market sells fresh trout. Every week Ernie buys fish from a supplier in Denver at a cost of $1.00 per fish. Fish are sold at the Market for $1.50 each. Any fish left over at the end of the week are sold to a cat food plant for $0.20 per fish. According to past experience, the weekly demand for trout has been as follows: Demand Probability of Demand 15 trout 0.10 16 0.20 17 0.40 18 0.30 Ernie wants to determine how many trout he should buy from the Denver supplier each week. a. Create a payoff table for this problem b. Calculate the Expected Value for each alternative (numbers of trout to be bought) c. Based on Expected Value, how many trout should Ernie purchase from Denver each week? *Show work with Excel*
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