The buyer for Payless Shoe store decided to order a woman's shoe at a buyers' meeting in Miami. The shoe will be part of the company's Christmas promotion. New designs are coming out after Christmas, so the shoes have to be sold during the Christmas season. Payless plans to hold a special December clearance sale, in an attempt to sell all shoes not sold by November 31st. The shoes will retail at $50 per pair and the company makes a profit of $15 on each pair. At the sale price of $21 per pair, all surplus shoes can be expected to sell during the December sale. The expected demand for the shoes is 700 pairs with a standard deviation of 300 pairs. How many pairs of the shoe should the buyer order?
The buyer for Payless Shoe store decided to order a woman's shoe at a buyers' meeting in Miami. The shoe will be part of the company's Christmas promotion. New designs are coming out after Christmas, so the shoes have to be sold during the Christmas season. Payless plans to hold a special December clearance sale, in an attempt to sell all shoes not sold by November 31st. The shoes will retail at $50 per pair and the company makes a profit of $15 on each pair. At the sale price of $21 per pair, all surplus shoes can be expected to sell during the December sale. The expected demand for the shoes is 700 pairs with a standard deviation of 300 pairs. How many pairs of the shoe should the buyer order?
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Transcribed Image Text:The buyer for Payless Shoe store decided to order a woman's shoe at a buyers' meeting
in Miami. The shoe will be part of the company's Christmas promotion. New designs are
coming out after Christmas, so the shoes have to be sold during the Christmas season.
Payless plans to hold a special December clearance sale, in an attempt to sell all shoes
not sold by November 31st. The shoes will retail at $50 per pair and the company makes
a profit of $15 on each pair. At the sale price of $21 per pair, all surplus shoes can be
expected to sell during the December sale. The expected demand for the shoes is 700
pairs with a standard deviation of 300 pairs. How many pairs of the shoe should the
buyer order?
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