Phyllis pays the company 20¢ for each paper and sells the papers for 25¢ each. Newspapers that are…
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Newspaper Vendor
News vendor Phyllis Pauley sells newspapers at the corner of Kirkwood Avenue and Indiana Street, and each day she must determine how many newspapers to order. Phyllis pays the company 20¢ for each paper and sells the papers for 25¢ each. Newspapers that are unsold at the end of the day are worthless. Phyllis knows that each day she can sell between 6 and 10 papers, with each possibility being equally likely. Show how this problem fits into the state-of-the-world model.
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