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How would you use excel to simulate this problem? GreatLots is planning a seven-day promotion on a discounted model of 55-inch HDTVs. At a price
How would you use excel to simulate this problem?
GreatLots is planning a seven-day promotion on a discounted model of 55-inch HDTVs. At a price of $575 per TV, the daily demand for this type of TV has been estimated as follows: GreatLots can order up to 50 of these TVs from a surplus dealer at a cost of $325. This dealer has offered to buy back any unsold TVs at the end of the promotion for $250 each. Build a spreadsheet model to determine: How many TVs should GreatLots order, if it wants to maximize the expected profit on this promotion? What is the expected level of profit? Suppose the surplus dealer will only buy back a maximum of four TVs at the end of the promotion. Would this change your answer? If so, howStep by Step Solution
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