For the garage-band model in problem 4 of chapter 8, suppose that the expected crowd is normally

Question:

For the garage-band model in problem 4 of chapter 8, suppose that the expected crowd is normally distributed with a mean of 3,000 and a standard deviation of 200. Use the NORM.INV function and a one-way data table to conduct a to find the of the expected profit.
Expected Concert Profit
Expected Crowd....................................................3000
Expected Concession (per person) ............................ $15.00
Ticket price........................................................$10.00
Expected Crowd Purchase (overall) .....................$75,000.00
Profit of Ticket Sales per person (Band Profit)...............$8.00
Expected Concession (per person) ............................$15.00
Crowd Profit (per person).......................................$23.00
Expected Band Income....................................$69,000.00
Expected Cost for Concert................................$10,000.00
Expected Total Band Profit...............................$59,000.00
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