I need to show my work, so please answer this question (all parts: A & B) and show how you got the answers.

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Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund a portion of the purchase price if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000. Construct a simulation model to answer the following questions. (Use at least 1,000 trials.) (a) For each tire sold, what is the expected cost (in dollars) of the promotion? (Round your answer to two decimal places.) $ 2.26 2.26 (b) What is the probability that Grear will refund more than $50 for a tire? (Round your answer to three decimal places.) 0.011 0.011 (c) What mileage should Grear set the promotion claim if it wants the expected cost to be $2? This question can be answered by trial and error. While the mean profit can vary, a promotion claim of |29.700 V V 29,700 miles will result in an expected cost of approximately $2.00. Show your work for parts (a) and (b). Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File | No file chosenBaseball's World Series is a maximum of seven games, with the winner being the first team to win four games. Assume that the Atlanta Braves and the Minnesota Twins are playing in the World Series and that the first two games are to be played in Atlanta, the next three games at the Twins' ballpark, and the last two games, if necessary, back in Atlanta. Taking into account the projected starting pitchers for each game and the home field advantage, the probabilities of Atlanta winning each game are as follows: Game 2 3 5 6 Probability of Win 0.60 0.55 0.48 0.45 0.48 0.55 0.50 (a) Set up a spreadsheet simulation model for which whether Atlanta wins or loses each game is a random variable. (Use at least 1,000 trials.) Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen (b) What is the probability that the Atlanta Braves win the World Series? (Round your answer to three decimal places.) 0.535 (c) What is the average number of games played regardless of winner? (Round your answer to two decimal places.) 5.81In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $34 per doll. During the holiday selling season, FTC will sell the dolls for $42 each. If FTC overproduces the dolls, the excess dolls will be sold in January through a distributor who has agreed to pay FTC $10 per doll. Demand for new toys during the holiday selling season is extremely uncertain. Forecasts are for expected sales of 60,000 dolls with a standard deviation of 15,000. The normal probability distribution is assumed to be a good description of the demand. FTC has tentatively decided to produce 60,000 units (the same as average demand), but it wants to conduct an analysis regarding this production quantity before finalizing the decision. (a) Create a what-if spreadsheet model using a formula that relates the values of production quantity, demand, sales, revenue from sales, amount of surplus, revenue from sales of surplus, total cost, and net profit. What is the profit corresponding to average demand (60,000 units)? $ 380,000 380,000 (b) Modeling demand as a normal random variable with a mean of 60,000 and a standard deviation of 15,000, simulate the sales of the Dougie doll using a production quantity of 60,000 units. What is the estimate of the average profit associated with the production quantity of 60,000 dolls? (Use at least 1,000 trials. Round your answer to the nearest integer.) 192176 192,176 (c) Before making a final decision on the production quantity, management wants an analysis of a more aggressive 70,000-unit production quantity and a more conservative 50,000-unit production quantity. Run your simulation with these two production quantities. (Round your answers to the nearest integer.) What is the mean profit associated with 50,000 units? 228297 228,297 What is the mean profit associated with 70,000 units? 71562 71,562 (d) In addition to mean profit, what other factors should FTC consider in determining a production quantity? (Select all that apply.) probability of a shortage profit standard deviation probability of a loss O stock market O gut feeling Show your work for parts (a), (b) and (c). Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File | No file chosenStrassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property, It can then be sold for $160,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $150,000. (a) Develop a worksheet that can be used to simulate the bids made by the two competitors. Strassel is considering a bid of $130,000 for the property. Using a simulation of 1,000 trials, what is the estimate of the probability Strassel will be able to obtain the property using a bid of $130,000? (Round your answer to the nearest tenth of a percent.) 36.0 36.0 % (b) How much does Strassel need to bid to be assured of obtaining the property? O $130,000 O $140,000 $150,000 (c) Use the simulation model to compute the profit for each trial of the simulation run. With maximization of profit as Strassel's objective, use simulation to evaluate Strassel's bid alternatives of $130,000, $140,000, or $150,000. (Round your answers to the nearest dollar.) expected profit for a bid of $130,000 10791 10,791 expected profit for a bid of $140,000 12813 12,813 expected profit for a bid of $150,000 10000 10,000 A bid of $140,000 $140,000 results in the largest mean profit of the three alternatives. Show your work. Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File | No file chosen