CB2011 Solving Business Problems with Spreadsheet Modeling Online Assignment 4 (6% weight) Time allowed: 60 minutes (55 minutes + 5 minutes additional time for uploading file) Download Assignment4.xlsx and rename/save as Assignment4-XXXXXXXX.xlsx, where XXXXXXXX is your student id number. Follow the instructions in Steps 1-5 to answer the questions. Problem statement: You want to start a bakery and sell cupcakes. Your bakery operates from 10am - 5pm daily Demand You will sell your cupcakes at a regular price of $30 each before 4:45pm. You believe that the demand for your cupcakes follow a uniform discrete distribution, and ranges from 100 to 250 cupcakes (Table 1 on spreadsheet). During 4:45-5:00pm, you will sell your cupcakes at a discount in order to clear out inventory before closing your store. Cupcakes will be sold at $10 each. You believe that the demand for your cupcakes after 4:45pm follows a general discrete distribution, which is given in Table 2 on the spreadsheet. Any cupcakes which are not sold by 5:00pm will be thrown out. Capacity You will lease an oven with a capacity of 200 cupcakes. The daily cost is $2,500 with the current oven and capacity. Tasks: Q1. Set up a simulation to determine the average daily profit (steps 1-4). Use 500 simulation trials. Q2. The oven that you planned to lease is no longer available and you need to choose one of the two ovens listed below. The daily cost of the ovens depend on the capacity: Capacity 150 250 Cost $2,200 $2.700 Which oven should you lease? CB2011 Solving Business Problems with Spreadsheet Modeling Online Assignment 4 (6% weight) Time allowed: 60 minutes (55 minutes + 5 minutes additional time for uploading file) Download Assignment4.xlsx and rename/save as Assignment4-XXXXXXXX.xlsx, where XXXXXXXX is your student id number. Follow the instructions in Steps 1-5 to answer the questions. Problem statement: You want to start a bakery and sell cupcakes. Your bakery operates from 10am - 5pm daily Demand You will sell your cupcakes at a regular price of $30 each before 4:45pm. You believe that the demand for your cupcakes follow a uniform discrete distribution, and ranges from 100 to 250 cupcakes (Table 1 on spreadsheet). During 4:45-5:00pm, you will sell your cupcakes at a discount in order to clear out inventory before closing your store. Cupcakes will be sold at $10 each. You believe that the demand for your cupcakes after 4:45pm follows a general discrete distribution, which is given in Table 2 on the spreadsheet. Any cupcakes which are not sold by 5:00pm will be thrown out. Capacity You will lease an oven with a capacity of 200 cupcakes. The daily cost is $2,500 with the current oven and capacity. Tasks: Q1. Set up a simulation to determine the average daily profit (steps 1-4). Use 500 simulation trials. Q2. The oven that you planned to lease is no longer available and you need to choose one of the two ovens listed below. The daily cost of the ovens depend on the capacity: Capacity 150 250 Cost $2,200 $2.700 Which oven should you lease