Wednesday
April 16, 2014

Homework Help: Probability

Posted by Stephanie on Sunday, October 16, 2011 at 3:29pm.

rent-4-wheels makes a profit of $12 per day for each car rented, and loses $4 per day for each car that is not rented. How many cars should the company have on hand to maximize profit, subject to the following probability distribution:

anticipated number of rental requests
12 11 10 9 8 7 6
Probability
.09 .011 .22 .24 .12 .12 .10

This is what I did and I;m not sure if it's correct.

(12)(.09)+(4)(.91)=4.72
(11)(.11)+(4)(.89)=4.77
ect. i got that company should have ten cars to maximize profit

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