Question

In: Statistics and Probability

USING EXCEL ONLY: You sell hot dogs at the local high school football games. For the...

USING EXCEL ONLY: You sell hot dogs at the local high school football games. For the upcoming championship game, you need to decide how many hot dogs to order (275, 300, or 325) at a cost of $0.25 each. Hot dogs sell for $1 each. Any unsold hot dogs are thrown away. If the game is interesting, you think that fewer people will visit your stand and that demand will be normally distributed with a mean of 240 with a std dev of 40. However, if the game is a blowout, you expect more people to come to your stand; demand would be normally distributed with a mean of 290 with a std dev of 30. Knowing the two teams, you estimate there being a 40% chance of a blowout. Set up a simulation model for this championship game to determine the expected profit and the expected % of unsold hot dogs for each choice of order size. Replicate these values 300 times to help make your decision of how many hot dogs to order.

Solutions

Expert Solution

non blowout blowout expected demand cost order revenue expected profit %unsold
302.8684643 297.8590727 299.8628293 74.96570733 300 300 225.0342927 0.0%
210.2701628 347.4882252 292.6010002 73.15025006 300 300 226.8497499 2.5%
192.6627108 308.8137123 262.3533117 65.58832793 275 275 209.4116721 4.8%
247.9981381 274.4431548 263.8651481 65.96628703 275 275 209.033713 4.2%
194.2213764 279.5089255 245.3939059 61.34847646 250 250 188.6515235 1.9%
199.1480171 262.5227743 237.1728714 59.29321785 250 250 190.7067821 5.4%
235.5979643 268.8307719 255.5376488 63.88441221 275 275 211.1155878 7.6%
191.8023106 297.1739151 255.0252733 63.75631833 275 275 211.2436817 7.8%
222.8226856 241.0018533 233.7301862 58.43254656 250 250 191.5674534 7.0%
221.6566341 336.044069 290.289095 72.57227376 300 300 227.4277262 3.3%
292.5330758 274.081074 281.4618747 70.36546868 300 300 229.6345313 6.6%
276.8971418 314.5988905 299.518191 74.87954776 300 300 225.1204522 0.2%
216.9460447 263.4828218 244.868111 61.21702775 250 250 188.7829723 2.1%
277.8898001 239.4231154 254.8097893 63.70244731 275 275 211.2975527 7.9%
248.6815072 243.94965 245.8423929 61.46059822 250 250 188.5394018 1.7%
240.0302719 254.5767665 248.7581687 62.18954216 250 250 187.8104578 0.5%
223.6343049 304.0008926 271.8542575 67.96356439 275 275 207.0364356 1.2%
193.9375515 344.2126914 284.1026354 71.02565885 300 300 228.9743411 5.6%
277.8828872 244.1091852 257.618666 64.4046665 275 275 210.5953335 6.7%
171.8175336 279.2008157 236.2475028 59.06187571 250 250 190.9381243 5.8%
251.9793729 250.5274294 251.1082068 62.7770517 275 275 212.2229483 9.5%
152.2491133 315.3241377 250.094128 62.52353199 275 275 212.476468 10.0%
181.6911794 312.8739569 260.4008459 65.10021148 275 275 209.8997885 5.6%
169.9688663 274.5210221 232.7001598 58.17503995 250 250 191.82496 7.4%
234.5494189 306.6563454 277.8135748 69.45339369 300 300 230.5466063 8.0%
212.169105 327.9103559 281.6138556 70.40346389 300 300 229.5965361 6.5%
253.6427448 270.962241 264.0344425 66.00861063 275 275 208.9913894 4.2%
218.2668599 313.4532692 275.3787055 68.84467637 300 300 231.1553236 8.9%
211.7034616 269.9727689 246.665046 61.6662615 250 250 188.3337385 1.4%
155.5115428 288.1603898 235.100851 58.77521274 250 250 191.2247873 6.3%
262.4097453 315.5132435 294.2718442 73.56796106 300 300 226.4320389 1.9%
224.0481377 298.8383837 268.9222853 67.23057133 275 275 207.7694287 2.3%
181.8878267 346.5303247 280.6733255 70.16833137 300 300 229.8316686 6.9%
254.6485377 319.5689746 293.6007999 73.40019997 300 300 226.5998 2.2%
237.859082 277.859878 261.8595596 65.4648899 275 275 209.5351101 5.0%
185.6953867 236.4209992 216.1307542 54.03268855 250 250 195.9673114 15.7%
284.7469606 309.3394161 299.5024339 74.87560848 300 300 225.1243915 0.2%
336.4696291 317.9452138 325.35498 81.33874499 300 300 218.661255 -7.8%
242.3507182 295.4157222 274.1897206 68.54743014 275 275 206.4525699 0.3%
164.9275614 264.4441352 224.6375057 56.15937642 250 250 193.8406236 11.3%
204.1772109 319.8507818 273.5813535 68.39533837 275 275 206.6046616 0.5%
265.2852451 319.9188862 298.0654297 74.51635744 300 300 225.4836426 0.6%
244.2364022 328.9883671 295.0875811 73.77189528 300 300 226.2281047 1.7%
312.1740646 350.7879079 335.3423706 83.83559264 300 300 216.1644074 -10.5%
222.1385061 347.2437921 297.2016777 74.30041942 300 300 225.6995806 0.9%
201.9798436 283.307207 250.7762617 62.69406542 275 275 212.3059346 9.7%
220.8648214 305.9085163 271.8910383 67.97275958 275 275 207.0272404 1.1%
233.9216416 287.3745924 265.9934121 66.49835302 275 275 208.501647 3.4%
245.9151063 287.2550018 270.7190436 67.6797609 275 275 207.3202391 1.6%
224.4294326 274.733022 254.6115862 63.65289655 275 275 211.3471034 8.0%
211.8585541 285.712079 256.170669 64.04266725 275 275 210.9573327 7.4%
295.4045326 256.0067652 271.7658722 67.94146804 275 275 207.058532 1.2%
201.9233204 270.9144231 243.317982 60.8294955 250 250 189.1705045 2.7%
297.1285999 303.4320664 300.9106798 75.22766996 300 300 224.77233 -0.3%
240.8855687 314.8843477 285.2848361 71.32120903 300 300 228.678791 5.2%
283.486702 285.6965244 284.8125955 71.20314886 300 300 228.7968511 5.3%
279.8722655 300.8432885 292.4548793 73.11371982 300 300 226.8862802 2.6%
231.5149093 252.3921785 244.0412708 61.0103177 250 250 188.9896823 2.4%
275.4031546 285.3517548 281.3723147 70.34307869 300 300 229.6569213 6.6%
195.3968443 314.5071321 266.863017 66.71575424 275 275 208.2842458 3.0%
174.0736445 240.1984934 213.7485538 53.43713846 250 250 196.5628615 17.0%
233.1716259 267.011035 253.4752714 63.36881784 275 275 211.6311822 8.5%
216.0678642 254.4637021 239.1053669 59.77634173 250 250 190.2236583 4.6%
203.8401449 298.0555726 260.3694015 65.09235038 275 275 209.9076496 5.6%
195.1073433 277.5744711 244.58762 61.14690499 250 250 188.853095 2.2%
244.2324667 300.1505658 277.7833262 69.44583154 300 300 230.5541685 8.0%
258.9048646 285.4931619 274.857843 68.71446074 275 275 206.2855393 0.1%
122.9047434 291.2081862 223.8868091 55.97170227 250 250 194.0282977 11.7%
259.5938791 258.397976 258.8763373 64.71908432 275 275 210.2809157 6.2%
292.9038914 302.0356957 298.382974 74.5957435 300 300 225.4042565 0.5%
226.976912 354.8478409 303.6994694 75.92486734 300 300 224.0751327 -1.2%
234.6540589 319.5149851 285.5706146 71.39265365 300 300 228.6073463 5.1%
260.12751 249.1328105 253.5306903 63.38267257 275 275 211.6173274 8.5%
168.1777503 327.4304239 263.7293544 65.93233861 275 275 209.0676614 4.3%
270.025733 290.5286283 282.3274702 70.58186754 300 300 229.4181325 6.3%
226.6951883 296.3334681 268.4781562 67.11953906 275 275 207.8804609 2.4%
282.2517378 264.6559578 271.6942698 67.92356745 275 275 207.0764325 1.2%
216.2057952 297.1899955 264.7963154 66.19907885 275 275 208.8009212 3.9%
200.6110639 273.362106 244.2616891 61.06542229 250 250 188.9345777 2.3%
184.3379359 316.0948982 263.3921133 65.84802832 275 275 209.1519717 4.4%
287.4109592 293.543079 291.0902311 72.77255777 300 300 227.2274422 3.1%
234.6123631 260.7801309 250.3130238 62.57825595 275 275 212.421744 9.9%
238.8455326 259.9866053 251.5301762 62.88254405 275 275 212.117456 9.3%
334.9651693 303.4856205 316.07744 79.01936 300 300 220.98064 -5.1%
285.084862 295.3936969 291.270163 72.81754074 300 300 227.1824593 3.0%
160.4575326 259.6139714 219.9513959 54.98784897 250 250 195.012151 13.7%
231.4807628 319.5888154 284.3455944 71.08639859 300 300 228.9136014 5.5%
269.5723334 317.9107187 298.5753645 74.64384114 300 300 225.3561589 0.5%
217.3878221 301.8685851 268.0762799 67.01906998 275 275 207.98093 2.6%
212.7318441 302.9239753 266.8471228 66.7117807 275 275 208.2882193 3.1%
168.4927193 209.6054725 193.1603712 48.2900928 250 250 201.7099072 29.4%
230.8593493 262.3975856 249.7822911 62.44557277 250 250 187.5544272 0.1%
270.364414 322.906794 301.889842 75.4724605 300 300 224.5275395 -0.6%
242.7544458 297.0896285 275.3555554 68.83888885 300 300 231.1611111 9.0%
229.2099099 262.3592581 249.0995188 62.27487971 250 250 187.7251203 0.4%
278.3027417 283.1717272 281.224133 70.30603324 300 300 229.6939668 6.7%
213.0020467 312.5715827 272.7437683 68.18594207 275 275 206.8140579 0.8%
206.2071712 294.7645293 259.3415861 64.83539652 275 275 210.1646035 6.0%
263.4222048 243.8098116 251.6547689 62.91369223 275 275 212.0863078 9.3%
221.8222074 306.1326757 272.4084884 68.1021221 275 275 206.8978779 1.0%
166.4942805 289.6882204 240.4106445 60.10266112 250 250 189.8973389 4.0%
212.9527811 308.6758749 270.3866373 67.59665933 275 275 207.4033407 1.7%
179.262271 300.6132008 252.0728289 63.01820722 275 275 211.9817928 9.1%
274.2026785 293.7684342 285.9421319 71.48553298 300 300 228.514467 4.9%
194.1385658 268.48338 238.7454543 59.68636357 250 250 190.3136364 4.7%
271.0335733 322.2478527 301.7621409 75.44053524 300 300 224.5594648 -0.6%
216.2311681 278.6975202 253.7109793 63.42774484 275 275 211.5722552 8.4%
231.7165325 300.222098 272.8198718 68.20496794 275 275 206.7950321 0.8%
247.0614002 289.9569074 272.7987045 68.19967614 275 275 206.8003239 0.8%
228.3195114 263.0245634 249.1425426 62.28563565 250 250 187.7143643 0.3%
251.6887368 310.2898698 286.8494166 71.71235415 300 300 228.2876458 4.6%
199.2719278 292.0527453 254.9404183 63.73510457 275 275 211.2648954 7.9%
225.820447 287.4126806 262.7757871 65.69394679 275 275 209.3060532 4.7%
221.8606951 277.6896742 255.3580826 63.83952064 275 275 211.1604794 7.7%
308.2739748 288.4539169 296.38194 74.09548501 300 300 225.904515 1.2%
196.5787177 281.5542598 247.5640429 61.89101074 250 250 188.1089893 1.0%
213.2021158 249.5959584 235.0384213 58.75960533 250 250 191.2403947 6.4%
229.1938531 318.6154731 282.8468251 70.71170628 300 300 229.2882937 6.1%
260.1279296 270.4348149 266.3120608 66.57801519 275 275 208.4219848 3.3%
257.3658747 247.5716257 251.4893253 62.87233132 275 275 212.1276687 9.3%
153.1313516 306.8501763 245.3626464 61.34066161 250 250 188.6593384 1.9%
231.9474003 289.9401792 266.7430676 66.68576691 275 275 208.3142331 3.1%
193.1960708 266.2886168 237.0515984 59.26289961 250 250 190.7371004 5.5%
251.3277734 241.9770637 245.7173476 61.4293369 250 250 188.5706631 1.7%
249.7589775 313.4471547 287.9718838 71.99297095 300 300 228.007029 4.2%
267.8959643 291.2345071 281.89909 70.47477249 300 300 229.5252275 6.4%
293.0400877 287.7534274 289.8680915 72.46702289 300 300 227.5329771 3.5%
277.2038682 339.3676145 314.502116 78.62552899 300 300 221.374471 -4.6%
300.9273661 282.1781298 289.6778243 72.41945608 300 300 227.5805439 3.6%
324.769048 310.095989 315.9652126 78.99130315 300 300 221.0086968 -5.1%
273.0129903 305.5575902 292.5397502 73.13493756 300 300 226.8650624 2.6%
292.2604116 288.1968117 289.8222516 72.45556291 300 300 227.5444371 3.5%
322.1910898 322.7955501 322.553766 80.63844149 300 300 219.3615585 -7.0%
246.9852685 327.6361048 295.3757703 73.84394258 300 300 226.1560574 1.6%
310.2940609 305.0830328 307.167444 76.79186101 300 300 223.208139 -2.3%
217.5695047 271.9434025 250.1938434 62.54846085 275 275 212.4515392 9.9%
275.7578159 272.7456911 273.9505411 68.48763526 275 275 206.5123647 0.4%
238.5937392 336.5503114 297.3676825 74.34192063 300 300 225.6580794 0.9%
292.3444824 274.9345853 281.8985441 70.47463603 300 300 229.525364 6.4%
271.6894568 298.1562944 287.5695594 71.89238984 300 300 228.1076102 4.3%
208.9137967 292.9904063 259.3597625 64.83994062 275 275 210.1600594 6.0%
245.8133573 208.1535439 223.2174693 55.80436731 250 250 194.1956327 12.0%
175.1128676 318.872672 261.3687502 65.34218756 275 275 209.6578124 5.2%
238.6317671 337.2381775 297.7956133 74.44890333 300 300 225.5510967 0.7%
198.2549266 262.8402002 237.0060908 59.25152269 250 250 190.7484773 5.5%
278.8937985 275.2648704 276.7164417 69.17911042 300 300 230.8208896 8.4%
283.9136143 284.5185971 284.276604 71.06915099 300 300 228.930849 5.5%
202.5981703 316.0461555 270.6669614 67.66674035 275 275 207.3332596 1.6%
211.1394132 270.2751476 246.6208539 61.65521347 250 250 188.3447865 1.4%
240.1893534 298.0700022 274.9177427 68.72943567 275 275 206.2705643 0.0%
174.5891736 294.2155644 246.3650081 61.59125203 250 250 188.408748 1.5%
296.5758707 313.0621839 306.4676586 76.61691465 300 300 223.3830853 -2.1%
276.0725692 271.2388774 273.1723541 68.29308852 275 275 206.7069115 0.7%
219.5587876 286.4111012 259.6701758 64.91754394 275 275 210.0824561 5.9%
242.4128833 251.1434894 247.651247 61.91281174 250 250 188.0871883 0.9%
265.3650893 309.2718836 291.7091658 72.92729146 300 300 227.0727085 2.8%
209.7599163 344.3971558 290.54226 72.635565 300 300 227.364435 3.3%
258.1637371 262.5307752 260.78396 65.19598999 275 275 209.80401 5.5%
239.2494797 272.697406 259.3182355 64.82955887 275 275 210.1704411 6.0%
282.4757123 245.9440466 260.5567129 65.13917823 275 275 209.8608218 5.5%
195.7523317 276.5351862 244.2220444 61.0555111 250 250 188.9444889 2.4%
277.2426877 282.5277954 280.4137523 70.10343807 300 300 229.8965619 7.0%
274.3305214 285.8087795 281.2174763 70.30436907 300 300 229.6956309 6.7%
195.5932241 371.0243789 300.851917 75.21297925 300 300 224.7870208 -0.3%
205.0638312 297.6343764 260.6061583 65.15153959 275 275 209.8484604 5.5%
269.8572125 363.3785663 325.9700248 81.4925062 300 300 218.5074938 -8.0%
273.1328484 240.3629106 253.4708857 63.36772143 275 275 211.6322786 8.5%
162.7152934 270.3389953 227.2895145 56.82237863 250 250 193.1776214 10.0%
244.2697812 284.7110337 268.5345327 67.13363318 275 275 207.8663668 2.4%
265.7847962 289.8360844 280.2155691 70.05389229 300 300 229.9461077 7.1%
191.541899 313.6941692 264.8332611 66.20831528 275 275 208.7916847 3.8%
152.2111616 233.3188812 200.8757934 50.21894834 250 250 199.7810517 24.5%
245.5609564 301.4825604 279.1139188 69.77847971 300 300 230.2215203 7.5%
291.2944267 268.8682418 277.8387158 69.45967895 300 300 230.5403211 8.0%
206.5680549 327.4627055 279.1048453 69.77621131 300 300 230.2237887 7.5%
214.9749697 307.3007789 270.3704552 67.5926138 275 275 207.4073862 1.7%
281.0083838 309.4082262 298.0482893 74.51207232 300 300 225.4879277 0.7%
266.8069224 292.7469955 282.3709662 70.59274156 300 300 229.4072584 6.2%
274.2543849 235.6437192 251.0879855 62.77199637 275 275 212.2280036 9.5%
236.2742172 281.7259383 263.5452499 65.88631247 275 275 209.1136875 4.3%
228.9955357 295.5981918 268.9571294 67.23928234 275 275 207.7607177 2.2%
220.3001345 284.8008915 259.0005887 64.75014718 275 275 210.2498528 6.2%
246.1443907 352.784835 310.1286572 77.53216431 300 300 222.4678357 -3.3%
206.4702861 314.8595624 271.5038519 67.87596298 275 275 207.124037 1.3%
276.8817784 263.580897 268.9012496 67.22531239 275 275 207.7746876 2.3%
254.0413213 284.5510508 272.347159 68.08678975 275 275 206.9132103 1.0%
257.2103179 285.5768811 274.2302558 68.55756396 275 275 206.442436 0.3%
230.4084886 271.5210525 255.0760269 63.76900673 275 275 211.2309933 7.8%
244.1820612 312.6689372 285.2741868 71.31854671 300 300 228.6814533 5.2%
271.9483405 298.6529003 287.9710764 71.9927691 300 300 228.0072309 4.2%
219.8705115 270.4994701 250.2478867 62.56197166 275 275 212.4380283 9.9%
234.6530174 327.2874447 290.2336738 72.55841844 300 300 227.4415816 3.4%
177.9609605 262.7755793 228.8497318 57.21243295 250 250 192.7875671 9.2%
263.7776292 301.2356754 286.2524569 71.56311423 300 300 228.4368858 4.8%
191.2009386 289.5465021 250.2082767 62.55206918 275 275 212.4479308 9.9%
244.7873425 281.2802884 266.6831101 66.67077752 275 275 208.3292225 3.1%
244.8592602 331.6189022 296.9150454 74.22876134 300 300 225.7712387 1.0%
307.936789 234.8216584 264.0677106 66.01692765 275 275 208.9830723 4.1%
282.8179639 314.1912782 301.6419525 75.41048813 300 300 224.5895119 -0.5%
198.4799168 283.9933726 249.7879903 62.44699758 250 250 187.5530024 0.1%
203.8625521 285.4463657 252.8128402 63.20321006 275 275 211.7967899 8.8%
236.7650366 266.0015213 254.3069274 63.57673185 275 275 211.4232681 8.1%
258.5796425 316.9466602 293.5998531 73.39996328 300 300 226.6000367 2.2%
267.2586915 301.0226825 287.5170861 71.87927152 300 300 228.1207285 4.3%
225.0155659 260.5348333 246.3271263 61.58178158 250 250 188.4182184 1.5%
230.4635305 278.0795003 259.0331124 64.75827809 275 275 210.2417219 6.2%
214.3221939 233.3532809 225.7408461 56.43521152 250 250 193.5647885 10.7%
221.0112334 311.211961 275.13167 68.78291749 300 300 231.2170825 9.0%
243.0724663 271.4206185 260.0813576 65.02033941 275 275 209.9796606 5.7%
244.1829448 317.5483434 288.202184 72.05054599 300 300 227.949454 4.1%
265.3451214 326.2964866 301.9159405 75.47898514 300 300 224.5210149 -0.6%
231.8002915 220.369991 224.9421112 56.2355278 250 250 193.7644722 11.1%
295.5949086 304.3552061 300.8510871 75.21277179 300 300 224.7872282 -0.3%
285.0495202 295.2467622 291.1678654 72.79196636 300 300 227.2080336 3.0%
261.3952025 295.171836 281.6611826 70.41529564 300 300 229.5847044 6.5%
236.311973 286.5125852 266.4323403 66.60808508 275 275 208.3919149 3.2%
248.7067908 241.8050522 244.5657476 61.14143691 250 250 188.8585631 2.2%
274.6414571 279.3726494 277.4801725 69.37004313 300 300 230.6299569 8.1%
242.928537 390.1381101 331.2542808 82.81357021 300 300 217.1864298 -9.4%
277.6630451 251.9125405 262.2127423 65.55318558 275 275 209.4468144 4.9%
264.7451577 267.807948 266.5828319 66.64570798 275 275 208.354292 3.2%
174.5535634 294.5232523 246.5353768 61.63384419 250 250 188.3661558 1.4%
152.930683 282.4787238 230.6595075 57.66487687 250 250 192.3351231 8.4%
272.8491722 306.7148219 293.168562 73.29214051 300 300 226.7078595 2.3%
235.546529 363.4592213 312.2941444 78.0735361 300 300 221.9264639 -3.9%
337.9324237 260.3574112 291.3874162 72.84685405 300 300 227.153146 3.0%
307.7732144 261.4796517 279.9970768 69.9992692 300 300 230.0007308 7.1%
273.1342064 276.6638724 275.252006 68.8130015 300 300 231.1869985 9.0%
230.4507562 315.8037887 281.6625757 70.41564392 300 300 229.5843561 6.5%
206.7481081 299.9424207 262.6646957 65.66617391 275 275 209.3338261 4.7%
249.609688 250.0950706 249.9009175 62.47522939 250 250 187.5247706 0.0%
199.7604665 282.5370527 249.4264182 62.35660456 250 250 187.6433954 0.2%
223.9650978 268.1688528 250.4873508 62.6218377 275 275 212.3781623 9.8%
282.1914874 319.0561061 304.3102586 76.07756465 300 300 223.9224353 -1.4%
198.9584608 271.9858657 242.7749037 60.69372594 250 250 189.3062741 3.0%
345.7121211 342.4936811 343.7810571 85.94526427 300 300 214.0547357 -12.7%
232.50295 237.0759823 235.2467694 58.81169234 250 250 191.1883077 6.3%
192.1091343 297.2748351 255.2085548 63.8021387 275 275 211.1978613 7.8%
206.5847291 336.3393638 284.4375099 71.10937748 300 300 228.8906225 5.5%
280.2711636 312.6472584 299.6968204 74.92420511 300 300 225.0757949 0.1%
265.2211079 261.5173317 262.9988422 65.74971054 275 275 209.2502895 4.6%
264.299197 285.0575458 276.7542063 69.18855157 300 300 230.8114484 8.4%
192.3439116 256.6134484 230.9056337 57.72640843 250 250 192.2735916 8.3%
187.392384 295.5573266 252.2913495 63.07283738 275 275 211.9271626 9.0%
275.771259 335.754656 311.7612972 77.9403243 300 300 222.0596757 -3.8%
235.7181604 330.6090446 292.6526909 73.16317273 300 300 226.8368273 2.5%
288.210114 277.7869396 281.9562094 70.48905234 300 300 229.5109477 6.4%
226.8229125 276.4713619 256.6119822 64.15299554 275 275 210.8470045 7.2%
185.7617445 279.095356 241.7619114 60.44047784 250 250 189.5595222 3.4%
257.7273207 251.1814643 253.7998069 63.44995172 275 275 211.5500483 8.4%
299.3901906 320.2793089 311.9236616 77.98091539 300 300 222.0190846 -3.8%
310.4443436 320.1683072 316.2787218 79.06968044 300 300 220.9303196 -5.1%
249.8695622 275.8148633 265.4367429 66.35918572 275 275 208.6408143 3.6%
214.7299078 320.3200887 278.0840163 69.52100408 300 300 230.4789959 7.9%
269.147024 261.2449291 264.405767 66.10144176 275 275 208.8985582 4.0%
161.3271853 274.5068836 229.2350043 57.30875107 250 250 192.6912489 9.1%
255.4754511 242.5369801 247.7123685 61.92809212 250 250 188.0719079 0.9%
255.8051804 332.3084893 301.7071658 75.42679144 300 300 224.5732086 -0.6%
207.9354842 347.7620536 291.8314258 72.95785646 300 300 227.0421435 2.8%
300.4229566 314.1012848 308.6299535 77.15748838 300 300 222.8425116 -2.8%
247.3467285 262.3125405 256.3262157 64.08155394 275 275 210.9184461 7.3%
176.2398919 207.0667968 194.7360349 48.68400872 250 250 201.3159913 28.4%
214.193813 293.6392056 261.8610485 65.46526213 275 275 209.5347379 5.0%
236.0322415 258.1420306 249.298115 62.32452874 250 250 187.6754713 0.3%
290.5535765 279.3541656 283.8339299 70.95848248 300 300 229.0415175 5.7%
178.0335419 339.4136976 274.8616353 68.71540883 275 275 206.2845912 0.1%
246.8726223 307.0134399 282.9571129 70.73927822 300 300 229.2607218 6.0%
188.6066242 288.0588494 248.2779593 62.06948984 250 250 187.9305102 0.7%
229.5790838 257.9488786 246.6009607 61.65024016 250 250 188.3497598 1.4%
188.5883572 344.8491166 282.3448128 70.5862032 300 300 229.4137968 6.3%
175.561235 293.143098 246.1103528 61.52758821 250 250 188.4724118 1.6%
213.698134 285.8745832 257.0040036 64.25100089 275 275 210.7489991 7.0%
267.8706542 294.1921192 283.6635332 70.91588329 300 300 229.0841167 5.8%
280.3272436 267.430736 272.589339 68.14733476 275 275 206.8526652 0.9%
174.6990436 264.306841 228.463722 57.11593051 250 250 192.8840695 9.4%
193.617978 291.585962 252.3987684 63.0996921 275 275 211.9003079 9.0%
223.7725405 339.8488581 293.418331 73.35458276 300 300 226.6454172 2.2%
294.7189388 288.5394231 291.0112294 72.75280735 300 300 227.2471927 3.1%
260.0261948 310.8168946 290.5006147 72.62515367 300 300 227.3748463 3.3%
203.4032933 336.5778869 283.3080494 70.82701236 300 300 229.1729876 5.9%
180.2016814 264.5452165 230.8078025 57.70195062 250 250 192.2980494 8.3%
281.4342408 281.5791084 281.5211614 70.38029035 300 300 229.6197097 6.6%
304.4915374 349.5904868 331.550907 82.88772675 300 300 217.1122732 -9.5%
241.840078 263.2117518 254.6630823 63.66577056 275 275 211.3342294 8.0%
177.5996998 316.9515076 261.2107844 65.30269611 275 275 209.6973039 5.3%
188.1524545 259.5756249 231.0063567 57.75158919 250 250 192.2484108 8.2%
230.2560289 340.6998872 296.5223439 74.13058597 300 300 225.869414 1.2%
162.2412539 306.9878938 249.0892379 62.27230946 250 250 187.7276905 0.4%
247.5041803 319.6919354 290.8168334 72.70420835 300 300 227.2957917 3.2%
295.286282 293.3261556 294.1102061 73.52755153 300 300 226.4724485 2.0%
249.7890612 260.2851505 256.0867148 64.02167869 275 275 210.9783213 7.4%
208.3635016 308.1949544 268.2623733 67.06559332 275 275 207.9344067 2.5%
180.0702752 281.9606198 241.2044819 60.30112049 250 250 189.6988795 3.6%
212.3670219 281.3425888 253.752362 63.43809051 275 275 211.5619095 8.4%
185.1582744 279.7900092 241.9373153 60.48432882 250 250 189.5156712 3.3%
242.1350391 267.6825139 257.463524 64.36588099 275 275 210.634119 6.8%
279.7936736 314.2600039 300.4734718 75.11836795 300 300 224.8816321 -0.2%
242.4882791 266.0223742 256.6087361 64.15218404 275 275 210.847816 7.2%
182.9998396 301.325991 253.9955305 63.49888262 275 275 211.5011174 8.3%
200.4149583 290.5503142 254.4961719 63.62404297 275 275 211.375957 8.1%
217.1434658 261.272921 243.6211389 60.90528473 250 250 189.0947153 2.6%

average order should be 279

we use the folling functions for

non blowout ==NORM.INV(RAND(),240,40)

blowout = =NORM.INV(RAND(),290,30)

expected order = =0.4*non blowout+0.6*blowout

cost = .25*expected order

order =IF(expected order>275, 300, IF(AND(expected order<275, expected order>250), 275, 250))

revnue =1*cost

profit= revenue-cost

%unsold = expected demand/order - 1


Related Solutions

Develop a snack bar for a local high school football stadium. You have an empty shell...
Develop a snack bar for a local high school football stadium. You have an empty shell of a small room (measuring ten feet by 15 feet). You currently have no cooking instruments, but you have an ice maker and cash register that you do not need to pay for. Your task is to buy equipment, based on what you want to sell, and then you have to buy products to sell. You need to look at actual prices (you can...
You are the advisor of a Junior Achievement group in a local high school. You need...
You are the advisor of a Junior Achievement group in a local high school. You need to help the group make a decision about fees that must be paid to sell gardening tools at the Home and Garden Show. The group sells a set of tools for $20.00. The manufacturing cost (all variable) is $6 per set. The Home and Garden Show coordinator allows the following three payment options for groups exhibiting and selling at the show: 1.Pay a fixed...
13. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists...
13. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists of 10 hot dogs and 6 hamburgers. A hot dog cost $3 in 2006 and $5.40 in 2007. A hamburger cost $5 in 2006 and $6 in 2007. Which of the following statements is correct? a. When 2006 is chosen as the base year, the consumer price index is 90 in 2007. b. When 2006 is chosen as the base year, the inflation rate...
1. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists...
1. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists of 15 hot dogs and 8 hamburgers. A hot dog cost $2.25 in 2006 and $5.40 in 2007. A hamburger cost $5.75 in 2006 and $7.86 in 2007. Calculate the CPI for both years and then find the inflation rate. 2. In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basket consists of 25 sandwiches and 40 magazines. In 2006, a...
The mean throwing distance of a football for a Luis, a high school freshman quarterback, is...
The mean throwing distance of a football for a Luis, a high school freshman quarterback, is 50 yards, with a standard deviation of three yards. The team coach tells Luis to adjust his grip to get more distance. The coach records the distances for 35 throws. For the 35 throws, Luis’s mean distance was 54 yards. The coach thought the different grip helped Luis throw farther than 50 yards. Conduct a hypothesis test using a preset α = 0.01. Assume...
In the last decade, only 50.4% of high school students in Tampa’s school district graduated high...
In the last decade, only 50.4% of high school students in Tampa’s school district graduated high school. Aiko believes her high school in St. Petersburg has a higher graduation rate. She collects a random sample of 54 former students of her high school and found that 33 of them graduated. Test Aiko’s belief using a significance level of 0.05.
Country A produces only cookies and hot dogs according to the formula y=14-2x, where y is...
Country A produces only cookies and hot dogs according to the formula y=14-2x, where y is the number of cookies and x is the number of hot dogs. Suppose that Country A currently produces 6 cookies. What is the opportunity cost of producing 2 extra cookies in terms of hotdogs?
The mean throwing distance of a football for Marco, a high school freshman quarterback, is 40...
The mean throwing distance of a football for Marco, a high school freshman quarterback, is 40 yards, with a standard deviation of two yards. The team coach tells Marco to adjust his grip to get more distance. The coach records the distances for 20 throws. For the 20 throws, Marco’s mean distance was 45 yards. The coach thought the different grip helped Marco throw farther than 40 yards. Conduct a hypothesis test using a preset α = 0.05. Assume the...
he mean throwing distance of a football for a Luis, a high school freshman quarterback, is...
he mean throwing distance of a football for a Luis, a high school freshman quarterback, is 50 yards, with a standard deviation of three yards. The team coach tells Luis to adjust his grip to get more distance. The coach records the distances for 35 throws. For the 35 throws, Luis’s mean distance was 54 yards. The coach thought the different grip helped Luis throw farther than 50 yards. Conduct a hypothesis test using a preset α = 0.01. Assume...
Determine how the $10 should be spent to maximize utility. How many hot dogs will you buy? How many drinks? 4 drinks, 3 hot dogs.
  Hot Dogs MU hot Dogs MU/Price Drink MU Drink MU/Price 1 20 10 1 20 20 2 16 8 2 15 15 3 10 5 3 10 10 4 6 3 4 5 5 5 3 1.5 5 3 3 6 2 .6 6 -1 -1 Copy and past the table above into your own file, enter the values, write up your answers, and save the file for uploading your answer. Calculate the marginal utility per dollar for each...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT