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A bike company receives bike orders every week and fulfills them according to order’s type. The following table shows frequency and price of the company's products. a) Assuming each order is for only one product, simulate 12 orders using the following table. Fill out gray areas with appropriate Excel functions. NOTE: Use the random numbers shown in the table. b) Calculate average and total price.

A bike company receives bike orders every week and fulfills them according to order’s type. The following table shows frequency and price of the company's products. a) Assuming each order is for only one product, simulate 12 orders using the following table. Fill out gray areas with appropriate Excel functions. NOTE: Use the random numbers shown in the table. b) Calculate average and total price.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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A bike company receives bike orders every week and fulfills them according to order’s type. The following table shows frequency and price of the company's products.

  1. a) Assuming each order is for only one product, simulate 12 orders using the following table. Fill out gray areas with appropriate Excel functions. NOTE: Use the random numbers shown in the table.
  2. b) Calculate average and total price.

 

 

FrequencyCml.Freg Product# Price Order # Rand# Product# Price 0.1 4015 250 1. 0.564067 0.15 0.1 4025 250 2 0.576834 0.15 0.25 1075 100 3 0.158209 0.2 0.4 1085 100 4 0.43311 0.25 0.6 1095 100 5 0.519704 0.15 0.85 4035 250 0.806837 7 0.5777 8 0.064811 0.273217 10 0.088406 11 0.04846 12 0.777738 Total= Average=
Transcribed Image Text:FrequencyCml.Freg Product# Price Order # Rand# Product# Price 0.1 4015 250 1. 0.564067 0.15 0.1 4025 250 2 0.576834 0.15 0.25 1075 100 3 0.158209 0.2 0.4 1085 100 4 0.43311 0.25 0.6 1095 100 5 0.519704 0.15 0.85 4035 250 0.806837 7 0.5777 8 0.064811 0.273217 10 0.088406 11 0.04846 12 0.777738 Total= Average=
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