The Penn Bookstore is doing an audit of the magazine procurement *

| June 6, 2016

Question
The Penn Bookstore is doing an audit of the magazine procurement process. A consultant recommends an in-stock probability of 80% for all of the magazines they stock. If they follow the consultant’s recommendation (and achieve an 80% in-stock probability), what is the expected fraction of their magazines that will experience a stock-out? (in %)

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