The daily demand for cakes at a James bakery is between 20 and 35, and every number in this range is equally likely to occur (Hint: use the rand between formula for demand). Each cake costs the bakery $20 and is sold for $30. Cakes leftover at the end of the day are sold to a grocery store at $5 per cake. Use the simulation model to estimate the average daily profit of the bakery if 20 cakes are baked each day, based on 1000 random demand instances.

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To simulate the daily demand for cakes we can use the RAND BETWEEN formula in Excel which generates ... View the full answer