Bob catches fish every day and then sells them to the fish market towards the end of each day. The demand for the fish that Bob catches and sells to the market had a normal distribution with a mean of 25 fish and a standard devitation of 5. The cost of catching one fish is $6. Bob receives $15.50 per fish that he sells to the fish market. However, if the fish market does not buy his fish, Bob then sells his fish at $3 per fish to a grocery store.
a) What is the overage cost?
b) What is the underage cost?
c) Find the optimial number of fish Bob should catch each day before going to the fish market. you will need to use a standard deviation distribution table to find the z value.