A small market orders copies of a certain magazine for its magazine rack each week. Let X = demand for the magazine, with the following pmf. 1 3 4 6. 1 2 5 5 3 p(x) 19 19 19 19 19 19 Suppose the store...

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Extracted text: A small market orders copies of a certain magazine for its magazine rack each week. Let X = demand for the magazine, with the following pmf. 1 3 4 6. 1 2 5 5 3 p(x) 19 19 19 19 19 19 Suppose the store owner actually pays $2.00 for each copy of the magazine and the price to customers is $4.00. If magazines left at the end of the week have no salvage value, is it better to order three or four copies of the magazine? [Hint: For both three and four copies ordered, express net revenue as a function of demand X, and then compute the expected revenue.] What is the expected profit if three magazines are ordered? (Round your answer to two decimal places.) $ 4.736 What is the expected profit if four magazines are ordered? (Round your answer to two decimal places.) $ 4.842 How many magazines should the store owner order? O 3 magazines O 4 magazines Need Help? Read It