Question: How to solve Using excel, please show steps ans formula 1 0 - 2 0 . Lionel's Life Jacket Rentals leases life jackets each day
How to solve Using excel, please show steps ans formula
Lionel's Life Jacket Rentals leases life jackets each day from a supplier and rents them to customers who use them when they raft down the Delaware River. Each day, Lionel leases life jackets from his supplier at a cost of $ per life jacket. He rents them to his customers for $ per day. Rental demand follows the normal distribution, with a mean of life jackets and a standard deviation of life jackets. In your model use integers for all demands.
a Simulate this leasing policy for a month days of operation to calculate the total monthly profit. Replicate this calculation times. What is the average monthly profit?
b Lionel would like to evaluate the average monthly profit if he leases and life jackets. What is your recommendation? Why?
Problem Revenue Management Problem
Calculations set to Manual. Press F to recalculate
tableDayDemand,Revenue,Cost,ProfitMont ly profit
Data Table
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