Question: please help me in this Question. Its about simulation problem... you should do it in excel... The management of Madeira Manufacturing Company is considering the

please help me in this Question. Its about simulation problem... you should do it in excel...

The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $3000 The variable cost for the product is uniformly distributed between $16 and $24 per unit with most likely value of $20 per unit. The product will sell for $50 per unit. Demand for the product is expected to range from 300 to 2100 units, with 1200 units the most likely demand.

1-using 30 trials simulation to develop the profit model for this product.

2-compute the mean, min and max for profit

3-what is the probability of loss

4-provide the base case, worst case, best case, analysis in case of simulation and not simulation, compare between them.

5-discuss why simulation would be desirable.

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