Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me find the mean, standard deviation, minimum, and maximum of the provided sample of the assume the simulation resulted in the sample of

Please help me find the mean, standard deviation, minimum, and maximum of the provided sample of the assume the simulation resulted in the sample of 50 trials results provided in the problem statement. Use Excel to determine the mean, standard deviation, minimum, and maximum of this sample revenue cost. Round it up to the nearest dollar

image text in transcribed

A professional football team is preparing its budget for the next year. One component of the budget is the revenue that they can expect from ticket sales. The home venue, Dylan Stadium, has five different seating zones with different prices. Key information is provided. The demands are all assumed to be normally distributed. Determine the distribution of total revenue under these assumptions using 50 trials. Summarize the statistical results Click here to view the seating zone information. Click here to view a sample of 50 simulation trial results. Let v,w,x,y, and z be the number of tickets sold in the first level sideline, the second level, the first level end zone, the third level size line, and the third level end zone, respectively. Then the total revenue from ticket sales is 100.00v+90.00w+80.00x+70.00y+60.00z. For the Monte Carlo simulation, the demand for the number of first level sideline tickets is randomly generated using the Excel formula =NORM.INV(RAND(), 14500,725 ), and the number of tickets sold in the first level sideline is found by taking the this value and the number of available seats. The values of the numbers of tickets sold in the other seating zones are found similarly. (Use integers or decimals for any values in the expressions. Do not round.) Determine the mean, standard deviation, minimum, and maximum of the provided sample of 50 simulation trial results. Seating Zone Information Simulation Results

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: Susan F. Haka ,Joseph V. Carcello ,Jan R. Williams

18th Edition

1259922189, 978-1259922183

More Books

Students also viewed these Accounting questions

Question

Evaluate three pros and three cons of e-prescribing

Answered: 1 week ago

Question

a. When did your ancestors come to the United States?

Answered: 1 week ago

Question

d. What language(s) did they speak?

Answered: 1 week ago

Question

e. What difficulties did they encounter?

Answered: 1 week ago