Problem 13-39 Burger Prince buys top-grade ground beef for $.80 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 50 cents per pound. Four hamburgers can be prepared from each pound of meat. Burgers sell for 65 cents each. Labor, overhead, meat, buns, and condiments cost 50 cents per burger. Demand is normally distributed with a mean of 387 pounds per day and a standard deviation of 32 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.) Use Table Optimal daily order quantity Ib.
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This is the difference between the cost of the meat and the selling price of the leftover meat, which is $0.80 - $0.50 = $0.30 per pound. Show more…
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