Final answer:
To find the optimal quantity of jerseys to order, the mean demand or the Newsvendor model would be used, depending on whether costs are factored in. Without cost details, the mean demand of 350 is a straightforward choice. In scenarios including cost considerations, the critical ratio and z-score for the normal distribution are required.
Step-by-step explanation:
The question requires determining the optimal quantity of jerseys to order for a concession stand at an event, given that the demand is normally distributed with a mean of 350 and a standard deviation of 100. To calculate the optimal quantity, one would typically use the Newsvendor model, which requires balancing the costs of overstocking and understocking. Without information on the costs and prices involved, it is not possible to provide a definitive answer. However, if the goal is to maximize the likelihood of meeting demand without considering costs, the optimal quantity would simply be the mean demand, which is 350 in this case. If one needs to factor in the costs, the critical ratio and the z-score associated with the normal distribution would need to be used.