A garage band gives concerts in music festivals and fairs throughout the summer. Their business has the following characteristics:

The ticket price for their concerts is $20.

The attendance at their concerts follows a Normally distribution with a mean of 3700 and a standard deviation of 400.

Each customer attending a concert spends a random amount of money on concessions which follows a Discrete Uniform distribution between $15 and $30.

The band receives 40% of the ticket and concession revenue and incurs a fixed cost which follows a discrete probability distribution as given below:

The picture includes a spreadsheet model template to derive the band's profit per concert. The template is missing some parameters and calculations (highlighted with yellow background).

First, fill in the spreadsheet model with the correct Excel formulas to complete the template.

Then, run a Monte Carlo simulation study with 5000 trials using a data table. Notice that the Excel file also have a data table template.

Answer the following questions based on the results of the simulation study.

a) Calculate the mean profit per concert in the simulation study. Which of the values given below in the drop-down menu is the closest to the mean you calculated?

b) Find the level of the profit per show that will be exceeded with a probability of 0.27. Which of the values given below in the drop-down menu is the closest to the profit level you found?

Betale Du Teatre Concession Spending Attendance Meen De 100 400 F C DA UN IN Feed Cat Model arterid Com Tibet 10 Os 10 1 12000 1 1400 015 00 01 DIS 14 11 16 11 19 21 begin to danh BEREI J26:J27 fx simulation nuomber goes to 5000, can not fit on screen B D A E 1 2 Data Go... 3 $20.00 05 4 Ticket Price Concession Spending Fixed Cost Revenue Share 5 6 40% 2 8 9 Model 10 ca 11 Attendance Ticket Revenue Concession Revenue Band's Share of Revenue $0 $0 12 Procta 13 $0.00 15 Output 16 Profit per Concert $0.00 1 $ A. BE - EIB-G - G 1 K L M Concession Spending a 15 Normal Attendance Mean St Dev 13700 Discrete Uniform b 30 400 Fixed Cost Interval Start 0 Interval End 0.35 0.55 0.7 0.75 0.35 0.55 0.7 0.75 Probability 0.35 0.2 0.15 Fixed Cost 10000 11000 12000 13000 14000 15000 0.85 0.05 0.1 0.15 0.85 1 U o Data Table Sim No simulation number goes to 5000, can not fit on screen all needed information is here 200 300 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Betale Du Teatre Concession Spending Attendance Meen De 100 400 F C DA UN IN Feed Cat Model arterid Com Tibet 10 Os 10 1 12000 1 1400 015 00 01 DIS 14 11 16 11 19 21 begin to danh BEREI J26:J27 fx simulation nuomber goes to 5000, can not fit on screen B D A E 1 2 Data Go... 3 $20.00 05 4 Ticket Price Concession Spending Fixed Cost Revenue Share 5 6 40% 2 8 9 Model 10 ca 11 Attendance Ticket Revenue Concession Revenue Band's Share of Revenue $0 $0 12 Procta 13 $0.00 15 Output 16 Profit per Concert $0.00 1 $ A. BE - EIB-G - G 1 K L M Concession Spending a 15 Normal Attendance Mean St Dev 13700 Discrete Uniform b 30 400 Fixed Cost Interval Start 0 Interval End 0.35 0.55 0.7 0.75 0.35 0.55 0.7 0.75 Probability 0.35 0.2 0.15 Fixed Cost 10000 11000 12000 13000 14000 15000 0.85 0.05 0.1 0.15 0.85 1 U o Data Table Sim No simulation number goes to 5000, can not fit on screen all needed information is here 200 300 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35