The company Cool Chairs is producing and selling designer chairs. It is now considering introducing a new chair and has carried out a small survey asking about potential customers’ willingness to pay. Based on this, the mean willingness to pay has been estimated at $162 with a standard deviation of $25. Use this information to simulate 1,000 trials of potential customers’ maximum willingness to pay (i.e., reservation prices) and illustrate the results in a price– response function.