A Las Vegas supermarket bakery must decide how many wedding cakes to prepare for the upcoming weekend. Cakes cost $33 each to make, and they sell for $60 each. Unsold cakes are reduced to half-price on Monday, and typically one- third of those are sold. Any that remain are donated to a nearby senior center. Analysis of recent demand resulted in the following table:
How many cakes should be prepared to maximize the expected profit?
a. Use the ratio method.
b. Use the tabular method.