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Suppose a retailer has two markets, 1 and 2. Demand 1 follows normal distribution with mean 120 and standard deviation 20.6. Demand 2 follows normal
Suppose a retailer has two markets, 1 and 2. Demand 1 follows normal distribution with mean 120 and standard deviation 20.6. Demand 2 follows normal distribution with mean 90 and standard deviation 15.4. The retailer needs to know the mean and standard deviation of the difference between the two demands. Please describe the conceptual analysis process to find out these two parameters by using simulation.
I need an explanation of finding the two parameters using simulation. Also, please use the numbers and the means given in this problem.
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