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In: Statistics and Probability

• The first tab should contain the simulation model. • The second tab should contain the...

• The first tab should contain the simulation model.

• The second tab should contain the algebra of the optimization model.

• The third tab should contain the optimization model and its solution using Excel Solver.

Q1. Construct a spreadsheet simulation model for calculating profits for a company given that the demand for their new product is normally distributed with a mean of 6 and a standard deviation of 1. The selling price is $30/unit. The fixed cost is $50. The per-unit variable cost is uniformly distributed between $10 and $20. Assume that all that is produced is sold and that production and demand are always equal. Execute the simulation for 50 trials.

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orchestra answered 2 years ago
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