A company is planning the launch of a new product, and they project for this new product the following data for unit price and quantities. The company has employed various marketing techniques to determine the unit price (Table 2).

a. Run a Monte Carlo simulation for the possible total sales outcomes assuming a normal distribution. Run therefore the iterations for unit sales, price, and quantity.

b. Build an empirical histogram and construct a 95% empirical probability interval in which total sales may fall.

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TABLE 2 NEW PRODUCT DATA Unit sales Price Mean St. Dev 1,000 100 Quantity Sold 2,000 200