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West Coast Health Corp. develops new probiotic food ingredients. They developed a prototype of a new organic material which can substitutes unhealthy oil. They have
West Coast Health Corp. develops new probiotic food ingredients. They developed a prototype of a new organic material which can substitutes unhealthy oil. They have performed preliminary marketing and financial analysis to determine their target customers. Following parameters are determined with certainty Selling price= $1200 /ton New technology cost=S 850,000 Advertising cost=$700,000 The cost of a trained worker follows a Normal Distribution with the mean $75 per ton and the standard deviation $35 per ton. The large-scale production cost follows a Uniform Distribution with smallest value $185 per ton and the largest value $455 per ton. They are expecting a limited market for the first-year demand. Thus, the first-year demand follows a Discrete Distribution as follows: Demand (ton) Probability 0.1 0.1 1500 1600 2250 2400 2600 0.3 0.3 0.2 a) Download the template and develop a simulation model for 200 trials b) Fill the summary of statistics in your file c) Plot the histogram for the specified ranges of profit c 0 Trained tabor Variable cout St. Trial Production Cost (Variable con Profit Function 1 Selling Price New Technology 2 Carted out Advertising Costed co $0,000 1 3 Trained abo: Normalitation 7 Mean S8.00 Standard Devon 2 1 4 5 6 7 9 10 Production Custom Distribution $15.00 13 Value SA55.00 19 Te Destibu Probability 01 10 11 12 13 14 15 16 17 18 19 RA
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