Question: Simulation Problem: Not to be done on Excel Sarah Mony and her husband Matt Ray Mony own the Love Connection Chapel in Las Vegas, Nevada.

Simulation Problem: Not to be done on Excel

  1. Sarah Mony and her husband Matt Ray Mony own the Love Connection Chapel in Las Vegas, Nevada. Fresh corsages are flown in each day from Hawaii and are offered for sale to brides coming to the chapel to be married. The corsages sell for $42 each. The cost of the corsages is $12 per corsage. Any corsages not sold during that day are sold to a local restaurant as table center pieces for $2 each. The probability distribution of demand is given by:

Demand

Probability

10

.10

20

.15

30

.25

40

.20

50

.15

60

.15

If fifty of these corsages are flown in each day by plane, simulate 4 days' profit using the following random numbers: .80, .25, .46 and 1.00.

Please provide table with explanations.

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