Question: Develop an Excel worksheet simulation for the following problem. The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed
Develop an Excel worksheet simulation for the following problem. The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $18,000. The variable cost for the product is normally distributed between with mean of $18 and standard deviation of $4. The product will sell for $50 per unit. Demand for the product is normally distributed with a mean of 1000 units and standard deviation of 200 units. Use 100 simulation trials to determine the following a) Mean Simulated Profit b) Percentile table from 5%ile to 95%ile highlighting the profit figures for the firm
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