You are in the process of planning the opening of a restaurant, a venture that demands careful consideration, particularly in terms of the various associated costs. While you have some insights into specific expenses, the unpredictable nature of demand remains a significant factor. Your initial assessment reveals a fixed cost of $$700,$ with an additional $$650$ for overhead. Food preparation costs vary depending on the menu, typically ranging from $$5-$ $$10$ per meal $($uniformly distributed$).$ Demand tends to fluctuate, with weekends experiencing higher activity compared to weekdays, and afternoons being more popular than mornings. However, taking into account the restaurant's proximity to a bustling area, you estimate that weekly demand is normally distributed, with an average weekly demand of $285$ meals, and a standard deviation of $20.$ At this point, you find yourself contemplating the pricing strategy for your meals, with two options on the table. The first option involves setting an average meal price of $$14,$ while the second proposes pricing each meal at $$16,$ albeit with a potential trade$-$off of a reduction in customer footfall, resulting in an average of $250$ customers per week, standard deviation remains the same. Consider all costs on a weekly basis. The objective of this simulation is to determine the optimal price to set, specifically, whether it should be set at $$14$ or $$16,$ what will be the profit and risk of loss in each case, and the associated risk of loss. Conduct $500$ simulations for both scenarios, aiming to build a case for your preferred option. Format of assignment: Provide a table showing the following information Cover page showing the title of assignment and your name$/$student id Summary table $(8=$ points$)$ Stats when price is set to $$14$ Descriptive Stats Values Average profit $(1$ point$)$ Maximum profit $(1$ point$)$ Minimum profit $(1$ point$)$ Risk of loss $(1$ point$)$ Stats when price is set to $$16$ Average profit $(1$ point$)$ Maximum profit $(1$ point$)$