Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stat A professional football team is preparing its budget for the next year. One component of the budget is the revenue that they can expect

Stat

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 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 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(). . ), 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.) X Simulation Results X Seating Zone Information $3,848.520 $4 414 930 $3,676,590 $4,663,900 $3,827.220 $4.038,780 $3,783,370 $4 182 750 $4 418,210 $4. 129,580 $4.695.550 $3.960.070 $3,736,300 $4 422,120 $4. 197,150 Seats Ticket Mean Standard $4 318,090 $4 237,760 $4.284.420 $4 462.850 $3.940,060 Seating Zone Available Price Demand Deviation $3.923,050 $4/065.540 $4,210.560 $3.921.570 $4 658.480 15.000 $100.00 14.500 $4,381,490 $4 029.800 $4,184,340 $3.845.650 $3.891.240 First Level Sideline 775 5 000 $90.00 1,700 525 $3.851,870 $4 072.600 $4 216.690 $4 128.680 $4,517,380 Second Level First Level End Zone 10.000 680.00 .250 1.250 $3,744 090 $4,703,740 $4.278.070 $4 339.210 $4 093,390 Third Level Sideline 20 000 $70.00 16.500 2,250 $4,425,900 $4, 179,220 $3.895.550 $3.690.300 $4. 157 860 Third Level End Zone 13.500 $60.00 7,000 3 500 $4,385,380 $4,212,980 $4.052 150 $4.424,300 $3,830,870 Print Done Print Done

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

Trigonometry

Authors: Mark Dugopolski

4th Edition

0321915496, 9780321915498

More Books

Students also viewed these Mathematics questions

Question

Find all the stakeholders associated with any specific asset.

Answered: 1 week ago

Question

steps in accounting cycle

Answered: 1 week ago