Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using Excel, solve the following simulation: If random numbers are needed, use: 0.94737 0.8225 0.35614 0.24826 0.88319 0.5595 0.58701 0.57365 0.74759 0.87259 0.85982 0.13269 0.89326
Using Excel, solve the following simulation:
If random numbers are needed, use:
0.94737 0.8225 0.35614 0.24826 0.88319 0.5595 0.58701 0.57365 0.74759 0.87259 0.85982 0.13269 0.89326 0.74863 0.99986 0.68558 0.06391 0.50248 0.63856 0.14016 0.18527 0.11634 0.96908 0.52146 0.53496 0.5173 0.035 0.66612 0.54714 0.46783 0.61934 0.30258 0.61674
A coffee store is trying to figure out how many coffee-cakes to order each day. The probability distribution of the number of customers that will buy the coffee cake is as follows: Customers can buy 1,2,3,4 or 5 coffee cakes according to the following probability distribution: Coffee cake sells for $4.50 per each. They cost $1.80 per each to order. All cakes that are not sold at the end of the day are sold at half-price to a local grocery store. Assume the coffee store decided to buy 60,50,40,30,30,30 cakes on each day, respectively (from day 1 to day 6). Based on 6 days of simulation what is the average profit of the coffee-storeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started