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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 $45 distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows. Procurement Cost ($) Labor Probability Cost ($) Probability Transportation Cost ($) Probability 10 0.25 20 0.15 3 0.75 11 0.40 22 0.20 5 0.25 12 0.35 24 0.35 25 0.30 (a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average %24 variance What is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.) %24 to $ (b) Management belleves 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 per unit will be less than $5. (Use a least 1.000 trials, Round your answer to three decimal places.)

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 $45 distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows. Procurement Cost ($) Labor Probability Cost ($) Probability Transportation Cost ($) Probability 10 0.25 20 0.15 3 0.75 11 0.40 22 0.20 5 0.25 12 0.35 24 0.35 25 0.30 (a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average %24 variance What is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.) %24 to $ (b) Management belleves 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 per unit will be less than $5. (Use a least 1.000 trials, Round your answer to three decimal places.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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need help on part a and b
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 $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows. Labor Probability Cost ($) Procurement Probability Transportation Cost ($) Probability Cost ($) 10 0.25 20 0.15 3 0.75 11 0.40 22 0.20 0.25 12 0.35 24 0.35 25 0.30 (a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average variance What is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.) to $ (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 per unit will be less than $5. (Use at least 1,000 trials. Round your answer to three decimal places.) What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.) to
Transcribed Image Text: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 $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows. Labor Probability Cost ($) Procurement Probability Transportation Cost ($) Probability Cost ($) 10 0.25 20 0.15 3 0.75 11 0.40 22 0.20 0.25 12 0.35 24 0.35 25 0.30 (a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average variance What is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.) to $ (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 per unit will be less than $5. (Use at least 1,000 trials. Round your answer to three decimal places.) What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.) to
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