Develop a worksheet simulation for the following problem. The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $30,000. The variable cost for the product is uniformly distributed between $16 and $24 per unit. The product will sell for $50 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1200 units and a standard deviation of 300 units. Develop a spreadsheet simulation similar to Figure. Use 500 simulation trials to answer the following questions:

a. What is the mean profit for the simulation?
b. What is the probability the project will result in a loss?
c. What is your recommendation concerning the introduction of the product?

The probability of throwing any two numbers on a die - say, either a 1 or a 2 - on a single throw is one chance out of three, or 33%.
When calculating the probability of repeating favorable throws with a single die the probability of throwing a 1 or a 2 twice in succession is 1/9, which is the square of one chance out of

A wheel with the following probabilities is spun:
Prob(1)= 0.50, Prob (2) = 0.20, Prob (3) = 0.30
If the wheel is spun 3 times find probability that the sum of numbers you get = 6

Assume that 12 percent of adults in this country have filed for bankruptcy at some point in their life. If an independent sample of 20 adults is selected find the probability that fewer than 5 will have filed for bankruptcy at some point in their life.

A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $13,000 with a probability of 0.3. What is the expected profit?

You know that there is a 40% probability that Microsoft will be selling for $22.50 three months from now and a 60% probability that it will be selling for $42.50. Microsoft does not pay a dividend. Currently, Microsoft is selling for $30. You are thinking of either buying 100 shares or selling short 100 shares. If you go lon

I would like to have the response to the following problems in excel format so that I can see the formulas used.
Thank you
33. Real estate ads suggest that 64% of homes for sale have garages, 21% have swimming pools, and 17% have both features. What is the probability that a home for sale has:
a) A pool or a garage?
b)

The industry average salary is $140,000, and the standard deviation of salaries in the industry is $20,000.
What is the probability that a single executive will earn $130,000 or more?
What is the value of the standard error of the mean for this problem?
What is the probability that any sample mean of salaries of any 15

An individual is considering two investment projects. Project A will return a zero profit if conditions are poor, a profit of $4 if conditions are good, and a profit of $8 if conditions are excellent. Project B will return a profit of $2 if conditions are poor. a profit of $3 if conditions are good, and a profit of $4 if conditi

I am planning on building an airport. There are only two parcels, labeled A and B on which the airport could feasibly be built. A corp. knows that once a parcel is chosen the cost of land near the airport will go up so they are considering buying land for an airport hotel adjacent to one of both of these parcels now before a sit