Every home football (AFL) game for the past8 years Victoria university has been sold out. The revenue
Question:
Every home football (AFL) game for the past8 years Victoria university has been sold out. The revenue from ticket sales are significant, but the sales of food, beverages and souvenirs has contributed greatly to the overall profitability to the football program. One particular souvenir is the football program for each game. The number of programs sold at each game is described by the profitability distribution given below table.
Number program sold | Probability |
2300 | 0.15 |
2400 | 0.22 |
2500 | 0.25 |
2600 | 0.2 |
2700 | 0.18 |
Each program cost $0.80 to reduce and sell for $2.00. Any programs that are not sold are donated to a recycling center, Therfore it doesn't produce any revenue.
a. simulate the sales of programmes at 10 football games. Use the random numbers(07,60,77,49,76,95,51,16,14,85)
b. if the university decided to print 2500 programmes for each game, what would the average profit be for the 10 games that were stimulated??
c. if the university decided to print 2600 programmes for each game, what would be the average profits be for the 10 games that were simulated?
Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna