Question: (a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least

(a) Construct a simulation model to estimate the average profit (in \$) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average $ variance What is a 95% confidence interval (in \$) around this average? (Round your answers to two decimal places.) $ to $ (b) Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability that the profit per unit will be less than $5. (Use at least 1,000 trials. Round your answer to three decimal places.) What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.) to (a) Construct a simulation model to estimate the average profit (in \$) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places.) average $ variance What is a 95% confidence interval (in \$) around this average? (Round your answers to two decimal places.) $ to $ (b) Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability that the profit per unit will be less than $5. (Use at least 1,000 trials. Round your answer to three decimal places.) What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.) to
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
