Exercises QUME 507 M4B 14-1 What are the advantages and limitations of the simulation models 14-5 What is a Monte Carlo simulation? 14-15 The number of cars that arrived per hour at the Lundberg car wash during the last 200 hours of operation was the following a) Establish the probability and cumulative probability distributions for the arrival of cars variable. b) State the intervals of random numbers for the variable. c) Simulate 15 hours of car arrivals and calculate the average number of arrivals per hour 15-14 The University of South Wisconsin has had a stable enrollment for the past five years. The school has its own bookstore, the University Bookstore, but there are also three private bookstores in town: Bill's Book Store, College Bookstore and Battle's Book Store. The university is concerned about the large number of students who are shopping at one of the private bookstores. As a result, South Wisconsin President Andy Lange decided to give a student three hours of college credit to study the problem. The following transition probability matrix was obtained: Currently. each of the four bookstores has an equal share of the market. (Hint the participation of each one is 25\%) What will be the participations in the market for the following period