EIE 3653-In your spare time, you make decorative wood bowls
In your spare time, you make decorative wood bowls and sell them at the annual community craft show.During the year you can make an average of 125 bowls with a standard deviation of 5. (normally distributed)The cost to make a bowl ranges between $1 to $3 dollars for materials. (uniformly distributed)At the craft show, you can sell at least 100 bowls and can range up to the numbers of bowls produced. (uniformly distributed)People at the craft show negotiate the selling price of your bowls and you typically sell them for $2 to $5 dollars each. (uniformly distributed)Excess bowls are sold at discount on Craigslist for an average of $0.7 with a standard deviation of $0.2. (normally distributed)What is your expected profit (or loss), for this hobby?What is the range of profit/loss based upon your analysis?
