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Wearable Electronic Product Launch. The management of Madeira Computing is considering the introduction of a wearable electronic device with the functionality of a laptop computer and phone. The fixed cost to launch this new product is $300,000. The variable cost for the product is expected to be between $160 and $240, with a most likely value of $200 per unit. The product will sell for $300 per unit. Demand for the product is expected to range from 0 to approximately 20,000 units, with 4,000 units the most likely. a. Develop a what-if spreadsheet model computing profit for this product in the base-case, worst-case, and best-case scenarios. b. Model the variable cost as a uniform random variable with a minimum of $160 and a maximum of $240. Model the product demand as 1,000 times the value of a gamma random variable with an alpha parameter of 3 and a beta parameter of 2. Construct a simulation model to estimate the average profit and the probability that the project will result in a loss. c. What is your recommendation regarding whether to launch the product? Madeira Computing Profit 1 0.9 Parameters Unit Selling Price Fixed Cost $300 $300,000 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 $255M to $2.70M $2.70M to $285M $225M to $2AOM $240M to $2.55M $1.95M to $2.10M $2.10M to $2.25M $1.65M to $180M $LBOM to $195M $135M to $1.50M $150M to $165M $1.20M to $135M $750K to SOOOK $900K to $1.OSM $105M to $120M $600K to $750K $450K to $600K $300K to SASOK SOK to $150K $150K to $300K -$150K to SOK $300K to-S150K 0 2000 $300K SOKOK SOK 180MM 03 $13 $2.85M to $3.00M Profit Profit Statistics Count Minimum Maximum Average Standard Deviat 0 SO SO #DIV/0! #DIV/0! P(Profit s 0) Standard Error #DIV/0! #DIV/0! C.I. on Mean P Simulation Trial (1-1000) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 12 18 10 19 20 21 22 23 24 25 #DIV/0! #DIV/0! Bin Frequency -$300,000 -$150,000 SO $150.000 $300,000 $450.000 $600,000 $750,000 $900.000 su nams $1,050,000 $1,200,000 . $1,350,000 $1,500,000 $1.650.000 $1,650,000 $1,800,000 $1,950,000 si oso 000 $2,100,000 $250.000 $2,250,000 S2000 $2,400,000 $2,550,000 $2,700,000 $2,850,000 $3,000,000 0