1. Math
  2. Statistics And Probability
  3. you are responsible for production and sales of bosporus takeaway...

Question: you are responsible for production and sales of bosporus takeaway...

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You are responsible for production and sales of Bosporus takeaway snacks. Daily production of snacks is normally distributed, with a mean of 40 and a variance of 100. Daily sales are also normally distributed, with a mean of 40 and a standard deviation of 6. Sales and production have a correlation of 0.50. The selling price per snack is $7. The variable production cost per snack is $3 The fixed production costs per day are $120. What is the probability that total revenue is greater than total costs on any day?
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