Question: I need help with setting up the excel form for this, please. Michael Wise operates a newsstand at a busy intersection downtown. Demand for the

I need help with setting up the excel form for this, please.

Michael Wise operates a newsstand at a busy intersection downtown. Demand for the Sunday Times averages 300 copies with a standard deviation of 50 copies (assume a normal distribution). Michael purchases the paper for $0.75 and sells them for $1.25. Any left paper at the end of the day is bought back at a price which is uniformly distributed between $0.10 and $0.20.

a) Suppose that Michael buys 350 copies for his newsstand each Sunday morning. Use Crystal Ball to perform 1000 trials of a computer simulation on a spreadsheet. What will be Michaels mean profit from selling the Sunday Times? What is the probability that Michael will make at least $0 profit?

b) Generate a Decision table to consider five possible order quantities between 250 and 350. Which order quantity maximizes Michaels mean profit?

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