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Micromedia offers computer training seminars on a variety of topics. In the seminars, each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-day seminar on the use of Microsoft Excel in statistical analysis. The price to charge for the seminar is $600 per student. The cost of the conference room, instructor compensation, lab assistants, and promotion is $9600. Micromedia rents computers for its seminars at the cost of $60 per computer per day, which must be reserved and paid for before the seminar. There is no refund for unused computers. Note that Micromedia cannot admit students any more if they run out of the reserved computers. That is, if the number of students who wish to attend the seminar is more than the number of computers reserved, the excess students cannot attend the seminar. This effectively means that the capacity is the same as the number of computers to reserve. This means the computer cost is fixed and is not influenced by the Qty sold once the number of computers to reserved is determined. The modified influence diagram is available from here. (Note that no influence diagram will be provided for the exam. Therefore, you should be able to draw one correctly yourself.) The upshot is that reserving too many computers results in the waste of money, and reserving too few results in the loss of potential revenues. Build an Excel model to calculate the profit. Question 1 (1 point) Listen If they reserve 28 computers now and the demand is 13 -$2880 -$4800 -$4680 -$5160 Question 2 (1 point) Listen If they reserve 14 computers now and the demand is -$4800 -$4680 -$2520 -$2880 Question 3 (1 point) Listen If they reserve 40 computers now and the demand is 15 -$5400 $5880 $6360 $0 Simulation Part I. Tabular probability distribution Now assume the demand follows the following probability distribution. The demand for the seminar varies as follows: Demand 10 20 30 40 50 Probability 0.15 0.40 0.30 0.10 0.05 Run the model 5,000 times and answer the following questions. [The correct answers in this section given after submission are approximate values. If your answer is close enough to the correct answer your answer will be marked correct.) Question 4 (1 point) Listen If they reserve 40 computers now, the average profit is Your Answer: Answer Question 5 (1 point) Listen If they reserve 45 computers now, the 20th percentile of the simulated profit is Your Answer: Answer Question 6 (1 point) Listen If they reserve 20 computers now, the average profit is Your Answer: Answer Simulation Part II. Normal distribution Now assume the demand follows a normal distribution with a mean of 35 and a standard deviation of 5. Run the model 5,000 times and answer the following questions. [The correct answers in this section given after submission are approximate values. If your answer is close enough to the correct answer, your answer will be marked correct.] Question 7 (1 point) Listen The lower end of the usual values of the demand is (This question can be answered without simulation.) Your Answer: Question 8 (1 point) Listen If they reserve 60 computers now, the average profit is Your Answer: Answer Question 9 (1 point) Listen If they reserve 50 computers now, the average profit is Your Answer: Answer Question 10 (1 point) Listen If they reserve 45 computers now, the 80th percentile of the profit is Your Answer: I Answer Question 11 (1 point) ) Listen If they reserve 60 computers now, the 80th percentile of the profit is Your Answer: Answer Question 12 (1 point) Listen If they reserve 60 computers now, the probability that the profit is less than zero is about Your Answer: Answer Question 13 (1 point) Listen If they reserve 30 computers now, the probability that the profit is greater than $3,000 is about Your