All answers were generated using 1,000 trials and native Excel functionality.)The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be$45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows:ProcurementLaborCost ($) Probability Cost ($) Probability1011120.250.450.30202224250.10%0.25%0.350.30TransportationCost ($)35Probability0.75(a) Construct a simulation model to estimate the average profit per unit. What is a 95% confidence interval around this average?Round your answers to two decimal places.Lower Bound: $11.050.25Upper Bound: $12(b) Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability that the profit perunit will be less than $5. What is a 95% confidence interval around this proportion?Round your answers to one decimal of a percentage.Lower Bound:Upper Bound:

By the given table, we apply in excel of simulation from rand() function as…

Answered: All answers were generated using 1,000…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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