A fisherman has two business options. Consult her with the expected monthly profit and plan for...

 

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A fisherman has two business options. Consult her with the expected monthly profit and plan for the next year. 1. She can go fishing For this, she needs to rent a fishing boat for $1500 per month. She can go fishing only on non-rainy days. The probability of a rainy day is as follow. The expected revenue of a fishing day is $100 to $300. Month 1 2 Prob. 3 4 5 6 7 8 9 10 11 12 0.7 0.7 0.6 0.4 0.4 0.3 0.1 0.1 0.2 0.3 0.4 0.4 2. She can go to a fresh mark. For this, she needs to rent a market stall for $1000 per month. The expected daily profit is $150. A month includes 30 work days, and the plan stands for one month. In this assignment you simulate the following situation and compare the fisherman's profit under three scenarios: 1. The whole year for fishing 2. The whole year for the fresh market 3. A seasonal-based plan for the whole year (the fisherman can alter between fishing and the fresh market every three months). A fisherman has two business options. Consult her with the expected monthly profit and plan for the next year. 1. She can go fishing For this, she needs to rent a fishing boat for $1500 per month. She can go fishing only on non-rainy days. The probability of a rainy day is as follow. The expected revenue of a fishing day is $100 to $300. Month 1 2 Prob. 3 4 5 6 7 8 9 10 11 12 0.7 0.7 0.6 0.4 0.4 0.3 0.1 0.1 0.2 0.3 0.4 0.4 2. She can go to a fresh mark. For this, she needs to rent a market stall for $1000 per month. The expected daily profit is $150. A month includes 30 work days, and the plan stands for one month. In this assignment you simulate the following situation and compare the fisherman's profit under three scenarios: 1. The whole year for fishing 2. The whole year for the fresh market 3. A seasonal-based plan for the whole year (the fisherman can alter between fishing and the fresh market every three months).