From records it has kept for several years, the Bonton Boutique has established the following frequency...

 

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From records it has kept for several years, the Bonton Boutique has established the following frequency distribution for daily sales volume: Sales Volume 0 to $100 $100 to $200 $200 to $300 $300 to $400 $400 to $500 $500 to $600 $600 to $700 $700 to $800 Relative Frequency, % 2 8 30 25 15 11. 6 3 a) Use Monte Carlo simulation for 25 days or more to determine the average daily sales. b) Use probability analysis with expected values to determine the average daily sales. c) Explain any difference between the values for average daily sales determined by Monte Carlo simulation and probability analysis. From records it has kept for several years, the Bonton Boutique has established the following frequency distribution for daily sales volume: Sales Volume 0 to $100 $100 to $200 $200 to $300 $300 to $400 $400 to $500 $500 to $600 $600 to $700 $700 to $800 Relative Frequency, % 2 8 30 25 15 11. 6 3 a) Use Monte Carlo simulation for 25 days or more to determine the average daily sales. b) Use probability analysis with expected values to determine the average daily sales. c) Explain any difference between the values for average daily sales determined by Monte Carlo simulation and probability analysis.

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a The average daily sales for the Bonton Boutique is 338 On average the Bonton Boutique will make 338 in sales each day This was determined using Monte Carlo simulation for 25 days or more 338 was det... View the full answer