You are considering adding a new food product to your store for resale. You are certain that, in a month, minimum demand for the
product will be 5 units, while maximum demand will be 8 units. (Unfortunately, the new product has a one-month shelf life and is considered to be waste at the end of the month.) You will pay $70/unit for this new product while you plan to sell the product at $100 ($30/unit profit). The estimated demand for this new product in any given month is 5 units (p=0.2), 6 units (p=0.2), 7 units (p=0.4), and 8 units (p=0.2). Required:
1. Using EMV analysis, how many units of the new product should be purchased for resale?
Contemporary Afro-Ecuadorians are well-known for their marimba music along with various music and dance festivals. Before the Spanish conquest of Ecuador and even prior to the emergence of the Incan empire, the area's indigenous cultures displayed vibrant musical traditions. Music was vital to the lives of ancient Andean societies, and archaeologists have uncovered several ancient instruments such as drums, flutes, trumpets, and other musical relics in old burial sites.
