Henry has a newspaper stand where he sells them for $0.50 each. The papers cost him $0.30 each, giving him a $0.20 profit on each one he sells. From past experiences, he knows that:
20% of the time he sells 100 papers
20% of the time he sells 150 papers
30% of the time he sells 200 papers
30% of the time he sells 250 papers
Assuming that Henry believes the cost of lost sale is $0.10 and any unsold paper costs him $0.30, simulate Henry’s profit outlook over five days if he orders 200 papers for each of the 5 days. Use random numbers: 52, 06, 50, 88, and 53