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The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the
The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $ ?per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows:
Procurement Cost $
Probability
Labor Cost $
Probability
Transportation Cost $
Probability
a ?marks ?Calculate the expected value of the procurement, labor, and transportation cost, respectively.
b ?marks ?Use the following random numbers procurement ?labor, and transportation cost, respectively ?to calculate a potential value for the unit profit: ?and
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