Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The owner now wants you to help him analyze his sales data. The restaurant is famous for its Lobo lobster roll. You were given some

The owner now wants you to help him analyze his sales data. The restaurant is famous for its Lobo lobster roll. You were given some information based on which you deduced that the demand for the lobster roll was normally distributed with a mean of 220 and standard deviation of 50. You also know that the lobster supplier can provide lobster at a rate that mimics a uniform distribution between 170 and 300. One Lobster is used per roll and the lobsters need to be fresh (i.e. the restaurant can only use the lobsters that are delivered that day).

You decide to run 200 simulations of 1000 days each.

Calculate the expected sales of Lobster roll per day based on your simulation results.

Use the expected sales from each of your 200 simulations to create a confidence interval for the average expected sales. What is the 95% confidence interval, L (Your confidence interval is mean +/- L), for this estimate?


Step by Step Solution

3.37 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

FORMULAS A3 IFB2100010A2 copy to A3A200001 B3 IFB210000B21 c... 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

Optics

Authors: Eugene Hecht

5th edition

133977226, 133979121, 978-0133977226

More Books

Students also viewed these General Management questions