PARAMETERS Fixed cost low high $500,000.00 $700,000.00 variable cost mean stdev Your company is analyzing the market for a new product. Fixed cost can be anywhere between 500K and 700K. Variable cost follows a normal distribution with mean $0.25 and standard deviation $0.05. The selling price is $1.2. The sale volume is normal distributions with mean and standard deviation depending on how many competitors are in the market, which is given in the table below. $0.25 $0.05 Selling price $1.20 Compute the average profit, and standard deviation Compute the probability of losing money Compute the probability of gaining more than 200K Draw a histogram of the simulation data. Sale volumes number of competitors probability 0 1 0.5 0.2 0.1 0.2 mean stdev 1,000,000 150,000 700,000 150,000 400,000 100,000 200,000 50,000 2 3 or higher PARAMETERS Fixed cost low high $500,000.00 $700,000.00 variable cost mean stdev Your company is analyzing the market for a new product. Fixed cost can be anywhere between 500K and 700K. Variable cost follows a normal distribution with mean $0.25 and standard deviation $0.05. The selling price is $1.2. The sale volume is normal distributions with mean and standard deviation depending on how many competitors are in the market, which is given in the table below. $0.25 $0.05 Selling price $1.20 Compute the average profit, and standard deviation Compute the probability of losing money Compute the probability of gaining more than 200K Draw a histogram of the simulation data. Sale volumes number of competitors probability 0 1 0.5 0.2 0.1 0.2 mean stdev 1,000,000 150,000 700,000 150,000 400,000 100,000 200,000 50,000 2 3 or higher