C D E G M N P P 0 R 5 S U v w Y Data Table Sim No 1 Data 2 3 4 Price 1 Seat level 1 Seat Level 2 Capodty 150 50 2001 Fred Cost per show Normal Mean St Dev 2500 500 OWN- 3 Fbed Cost per show 4 5 Probably ofreguessin a level seat Interval Starts G 7 8 10 11 Model 12 13 Demand per Show Interval Demand Ends Values Probables 200 240 290 320 360 400 440 480 520 von HOLI Demand per Show 8 9 10 21 12 13 14 15 16 17 Demand for leveli Level 1 ts sold 15 16 150 Level 1 Revenue ol 18 tu Demand for Level Level tokeo Level 2 RUE 14 21 201 23 Output Profit per Show 0 25 26 27 28 29 30 31 4992 4993 4994 4995 4996 1997 99 21 22 23 24 25 26 27 28 19 20 4991 4992 4993 4994 495G 4997 4990 4499 SON Sheet1 + Ready + B7% Diamond Theater produces plays and musicals for a regional audience. The theater's business has the following characteristics: The theater has a total of 350 seats. The seats are categorized into two levels: Level 1: 150 seats priced at $84 Level 2: 200 seats priced at $50. The fixed cost for each performance is random and follows a Normal distribution with a mean of $2,500 and a standard deviation of $500. The demand for a typical performance follows a discrete probability distribution as given below: Demand Probability 200 0.12 240 0.02 280 0.08 320 0.12 360 400 0.2 0.04 440 0.16 0.02 480 520 0.04 560 0.08 0.12 Each customer requests level 1 seats with a probability of 0.35. As a result, the number of customers requesting the level 1 seats follows a Binomial distribution with a success probability of 0.35 Customers requesting the level 1 seats would not accept the level 2 seats if level 1 is sold out. The Diamond Theater.xlsx file includes a spreadsheet model template to derive the theater's profit per show. 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 show in the simulation study. Which of the values given below in the drop-down menu is the closest to the mean you calculated? b) Calculate the probability that the profit per show will be above $18,000. Which of the values given below in the drop-down menu is the closest to the probability you calculated? Parta) [ Choose Part b) [Choose C D E G M N P P 0 R 5 S U v w Y Data Table Sim No 1 Data 2 3 4 Price 1 Seat level 1 Seat Level 2 Capodty 150 50 2001 Fred Cost per show Normal Mean St Dev 2500 500 OWN- 3 Fbed Cost per show 4 5 Probably ofreguessin a level seat Interval Starts G 7 8 10 11 Model 12 13 Demand per Show Interval Demand Ends Values Probables 200 240 290 320 360 400 440 480 520 von HOLI Demand per Show 8 9 10 21 12 13 14 15 16 17 Demand for leveli Level 1 ts sold 15 16 150 Level 1 Revenue ol 18 tu Demand for Level Level tokeo Level 2 RUE 14 21 201 23 Output Profit per Show 0 25 26 27 28 29 30 31 4992 4993 4994 4995 4996 1997 99 21 22 23 24 25 26 27 28 19 20 4991 4992 4993 4994 495G 4997 4990 4499 SON Sheet1 + Ready + B7% Diamond Theater produces plays and musicals for a regional audience. The theater's business has the following characteristics: The theater has a total of 350 seats. The seats are categorized into two levels: Level 1: 150 seats priced at $84 Level 2: 200 seats priced at $50. The fixed cost for each performance is random and follows a Normal distribution with a mean of $2,500 and a standard deviation of $500. The demand for a typical performance follows a discrete probability distribution as given below: Demand Probability 200 0.12 240 0.02 280 0.08 320 0.12 360 400 0.2 0.04 440 0.16 0.02 480 520 0.04 560 0.08 0.12 Each customer requests level 1 seats with a probability of 0.35. As a result, the number of customers requesting the level 1 seats follows a Binomial distribution with a success probability of 0.35 Customers requesting the level 1 seats would not accept the level 2 seats if level 1 is sold out. The Diamond Theater.xlsx file includes a spreadsheet model template to derive the theater's profit per show. 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 show in the simulation study. Which of the values given below in the drop-down menu is the closest to the mean you calculated? b) Calculate the probability that the profit per show will be above $18,000. Which of the values given below in the drop-down menu is the closest to the probability you calculated? Parta) [ Choose Part b) [Choose