Pizza Town produces and sells one-sized Greek pizzas only. The owner of Pizza Town wants to study the daily demand of Greek pizzas by means of the past data, which indicates that the daily demand of Greek pizzas is normally distributed with mean 70 and standard deviation 12. The production cost and the selling price of a Greek pizza are $65 and $170, respectively. Pizza Town discards unsold pizzas in any day. If the daily demand is greater than the amount of pizzas produced, it incurs a shortage cost of $100 per pizza. (a) Use Excel to simulate the daily demand of Greek pizzas at Pizza Town for 500 days in the worksheet named "Parta". Use the worksheet named Part b-e" to complete the followings: (b) In worksheet Part b-e", create the frozen simulated daily demand of Greek pizzas from (a). (c) Suppose Pizza Town decides to produce 60 Greek pizzas per day. Based on the simulated daily demand frozen in (b), what is the average daily profit of Pizza Town? (d) Based on the simulated daily demand frozen in (b), what will be the average daily profits of Pizza Town 30, 35, 40, 45, ..., 90, 95 and 100 Greek pizzas are produced per day? (Hint: you may use data table] (e) Based on the simulated results in (d), how many Greek pizzas should Pizza Town produce per day such that its average daily profit is maximized? Pizza Town produces and sells one-sized Greek pizzas only. The owner of Pizza Town wants to study the daily demand of Greek pizzas by means of the past data, which indicates that the daily demand of Greek pizzas is normally distributed with mean 70 and standard deviation 12. The production cost and the selling price of a Greek pizza are $65 and $170, respectively. Pizza Town discards unsold pizzas in any day. If the daily demand is greater than the amount of pizzas produced, it incurs a shortage cost of $100 per pizza. (a) Use Excel to simulate the daily demand of Greek pizzas at Pizza Town for 500 days in the worksheet named "Parta". Use the worksheet named Part b-e" to complete the followings: (b) In worksheet Part b-e", create the frozen simulated daily demand of Greek pizzas from (a). (c) Suppose Pizza Town decides to produce 60 Greek pizzas per day. Based on the simulated daily demand frozen in (b), what is the average daily profit of Pizza Town? (d) Based on the simulated daily demand frozen in (b), what will be the average daily profits of Pizza Town 30, 35, 40, 45, ..., 90, 95 and 100 Greek pizzas are produced per day? (Hint: you may use data table] (e) Based on the simulated results in (d), how many Greek pizzas should Pizza Town produce per day such that its average daily profit is maximized
