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I need assistance finding the NORMINV for this pro...




I need assistance finding the NORMINV for this problem and I am having issues as this is new to me. A manufacturer of industrial seals has production capacity of 1,000 units per day. Currently, the firm sells production capacity for $10 per unit. At this price, all production capacity gets booked about one week in advance. A group of customers have said that they would be willing to pay $15 per unit if capacity was available on the last day. About ten days in advance, demand for the high-price segment is normally distributed with a mean of 250 and a standard deviation of 100. How much production capacity should the manufacturer reserve for the last day?


Paper#11538 | Written in 18-Jul-2015

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