Every home football game for the past eight years at Eastern State University has been sold out
Every home football game for the past eight years at Eastern State University has been sold out. The revenues from ticket sales are significant, but the sale of food, beverages, and souvenirs has contributed greatly to the overall profitability of the football program. One particular souvenir is the football program for each game. The number of programs sold at each game is described by the following probability distribution:
NUMBER (IN 100s) OF
PROGRAMS SOLD PROBABILITY
23 0.15
24 0.22
25 0.24
26 0.21
27 0.18
Historically, Eastern has never sold fewer than 2,300 programs or more than 2,700 programs at one game. Each program costs $0.80 to produce and sells for $2.00. Any programs that are not sold are donated to a recycling center and do not produce any revenue.
(a) Simulate the sales of programs at 10 football games. Use the last column in the random number table (Table 14.4) and begin at the top of the column.
(b) If the university decided to print 2,500 programs for each game, what would the average profits be for the 10 games simulated in part (a)?
(c) If the university decided to print 2,600 programs for each game, what would the average profits be for the 10 games simulated in part (a)?
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- 14-19.xlsx
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a. In order to determine the number of program sales in a given year, we use the numbers in the last column of the ran
# of programs sold CPD
2300 0.15
2400 0.37
2500 0.61
2600 0.82
2700 1.00
Thus for instance, since the first number in the first column is 07, this would correspond to 2300 program sales for th
Year Program sales
1 2300
2 2500
3 2600
4 2500
5 2600
6 2700
7 2500
8 2400
9 2300
10 2700
b. The following table shows the profits for each year assuming the university decides to print 2500 programs for eac
Year Profits
1 $2600
2 $3000
3 $3000
4 $3000
5 $3000
6 $3000
7 $3000
8 $2800
9 $2600
10 $3000
Total $29,000
Thus, if the university decides to print 2500 programs for each game, they will make an average yearly profit of $290
c. The following table shows the profits for each year assuming the university decides to print 2600 programs for eac
Year Profits
1 $2520
2 $2920
3 $3120
4 $2920
5 $3120
6 $3120
7 $2920
8 $2720
9 $2520
10 $3120
Total $29,000
Thus, if the university decides to print 2600 programs for each game, they will also make an average yearly profit of
ers in the last column of the random number table and compare this number to the cumulative probability distribution (CPD) of
James A. Heine
Module 8 Assignment 8
d to 2300 program sales for the first year.
to print 2500 programs for each game.
n average yearly profit of $2900.
to print 2600 programs for each game.
ake an average yearly profit of $2900.
bability distribution (CPD) of program sales, as given by the following table:
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