Business, 06.04.2021 23:40, marwaalsaidi

The general manager of Green Thumb decides to conduct extensive market research for its new product. At the end of the market research, the manager estimates demand to be normally distributed, with a mean of μ = 100 and a standard deviation of σ = 15. (use cost and price information from Question 1)

• How should Green Thumb alter its production plan in Question 1 as a result of the market research?

• How much increase in profit is it likely to observe?

• How does the improved forecast affect the demand lost by Green Thumb because of understocking?

Answers: 3

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The general manager of Green Thumb decides to conduct extensive market research for its new product....