Implement a financial simulation model for a new product proposal and determine a distribution of profits using the provided discrete distributions for the unit cost, demand, and fixed costs. Price is fixed at $1,000. Simulate this model for 50 trials and a production quantity of 140. What is the average profit? Click here to view the discrete distributions. Click here to view a sample of 50 simulation trial results. Set up a lookup table for the unit cost. (Type integers or decimals. Do not round. Use ascending order.) Unit Cost Probability Lower Limit Upper Limit $400 0.25 $600 0.40 $700 0.15 $800 0.20 0 0.25 0.25 0.65 $400 $600 $700 $800
Implement a financial simulation model for a new product proposal and determine a distribution of profits using the provided discrete distributions for the unit cost, demand, and fixed costs. Price is fixed at $1,000. Simulate this model for 50 trials and a production quantity of 140. What is the average profit? Click here to view the discrete distributions. Click here to view a sample of 50 simulation trial results. Set up a lookup table for the unit cost. (Type integers or decimals. Do not round. Use ascending order.) Unit Cost Probability Lower Limit Upper Limit $400 0.25 $600 0.40 $700 0.15 $800 0.20 0 0.25 0.25 0.65 $400 $600 $700 $800
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter10: Introduction To Simulation Modeling
Section: Chapter Questions
Problem 36P: Dilberts Department Store is trying to determine how many Hanson T-shirts to order. Currently the...
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