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Consider the probability distribution of the weekly demand for copier

Consider the probability distribution of the weekly demand for copier paper (in hundreds of reams) used in a corporation’s duplicating center, as shown in the file S04_58.xlsx.

a. Use simulation to generate 500 values of this random variable.

b. Find the mean and standard deviation of the simulated values.

c. Use your simulated values to estimate the probability that weekly copier paper demand is within one standard deviation of the mean. Why is this only an estimate, not an exact value?

a. Use simulation to generate 500 values of this random variable.

b. Find the mean and standard deviation of the simulated values.

c. Use your simulated values to estimate the probability that weekly copier paper demand is within one standard deviation of the mean. Why is this only an estimate, not an exact value?

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