Rupert sells daily newspapers on a street corner. Each morning he must buy the same fixed number q ofcopies from the printer at c = 55 cents each, and sells them for r = $1.00 each through the day. Hesnoticed that demand D during a day is close to being a random variable X thats normally distributedwith mean of 135.7 and standard deviation of 27.1, except that D must be a nonnegative integer tomake sense, so D = max(X,0) where . rounds to the nearest integer (Repurts not your average newsvendor). Further, demands form day to day are independent of each other. Now if demand D in a day isno more than q, he can satisfy all customers and will have q – D0 papers left over, which he sells asscrap to the recycler on the next corner at the end of the day for s = 3 cents each (after all, its old newsat that point). But if D > q, he sells out all of his supply of q and just misses those D q > 0 sales. Each daystarts afresh, independent of any other day, so this is a single-period problem, and for a given day isstatic model since it doesnt matter when individual customers show up the day. Develop a spreadsheetmodel to simulate Ruperts profits for 30 days, and analyze the result.
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