Question: Question 1 (1 point) Turn the deterministic model for Leah's calendar profit projections into a Monte Carlo simulation by randomizing the Quantity Demanded with a


Question 1 (1 point) Turn the deterministic model for Leah's calendar profit projections into a Monte Carlo simulation by randomizing the Quantity Demanded with a Beta General with Alpha1=2 and Alpha2=18, with the minimum value at 600 and the maximum value at 1400. Match the expected value of profit with the Order Quantities below. (Hint: Use RiskSimTable) Annual Calendar Sales Cost per Calendar $ Retail Price per Calendar $ Refund per Calendar $ 5.95 14.95 1.95 Order Quantity Quantity Demanded 680 600 Leftovers 80=IF(Order Quantity> Quantity De Revenue $ $ Sales Refund Total Revenue $ 8,970.00 =MIN(Order Quantity, Quantity D 156.00 =Leftovers * Refund per Calenda 9,126.00 = Sales + Refund $ $ Total Cost Profit 4,046.00 =Order Quantity * Cost per Caler 5,080.00 = Total Revenue - Cost $ $5,400.00 1. 600 Calendars $5,763.23 2. 625 Calendars $5,840.82 3. 650 Calendars $5,844.58 4. 675 Calendars $5,785.92 5. 700 Calendars $5,611.06 6. 725 Calendars 7. 750 Calendars $5,865.20 Optimum Expected Value 8. 775 Calendars $5,711.65
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