A professional football team is preparing its budget for the next year. One component of the budget
Question:
A professional football team is preparing its budget for the next year. One component of the budget is the revenue that they can expect from ticket sales.
The home venue, Dylan Stadium, has five different seating zones with different prices. Key information is given below. The demands are all assumed to be normally distributed.
Seating Zone Seats Available Ticket Price Mean Demand Standard Deviation First Level Sideline 15,000 $100.00 14,500 750 Second Level 5,000 $90.00 4,750 500 First Level End Zone 10,000 $80.00 9,000 1,250 Seating Zone Seats Available Ticket Price Mean Demand Standard Deviation Third Level Sideline 21,000 $70.00 17,000 2,500 Third Level End Zone 14,000 $60.00 8,000 3,000 Determine the distribution of total revenue under these assumptions using an Excel data table with 50 simulated trials. Summarize your results with a histogram.
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