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3. Monte Carlo simulation models incorporate uncertainty in what manner? point They generate a range of inputs for the model using random variables drawn from probability distributions They incorporate uncertainty by forcing all random variables in the model to come from a Normal distribution Monte Carlo simulations do not in fact incorporate uncertainty They allow the analyst to generate any random outcome that they want to see 4. If you wanted to model an outcome variable that is defined as whether or not someone will buy a new car within the next 12 months, then what type of random variable would you use to capture this outcome? point This future outcome is not in fact random and should be modeled in a deterministic fashion A discrete random variable A continuous random variable Either continuous or discrete, it doesn't matter 3. Monte Carlo simulation models incorporate uncertainty in what manner? point They generate a range of inputs for the model using random variables drawn from probability distributions They incorporate uncertainty by forcing all random variables in the model to come from a Normal distribution Monte Carlo simulations do not in fact incorporate uncertainty They allow the analyst to generate any random outcome that they want to see 4. If you wanted to model an outcome variable that is defined as whether or not someone will buy a new car within the next 12 months, then what type of random variable would you use to capture this outcome? point This future outcome is not in fact random and should be modeled in a deterministic fashion A discrete random variable A continuous random variable Either continuous or discrete, it doesn't matter