Use the profit model developed in Example 12.1 to implement a financial simulation model for a new product proposal and determine a distribution of profits using the discrete distributions below for the unit cost, demand, and fixed costs. Price is fixed at $1,000. Unit costs are unknown and follow the distribution:

Unit cost Probability

$400 0.2

$600 0.4

$700 0.25

$800 0.15

Demand is also variable and follows the following distribution

Demand Probability

120 0.25

140 0.50

160 0.25

Fixed costs are estimated to follow the distribution:

Fixed costs Probability

$45,000 0.20

$50,000 0.50

$55,000 0.30

Simulate this model for 50 trials and a production quantity of 140. What is the average profit?

you need separate cells for the standard uniform random draws for each of the three variables.

What is the sample average and the sample standard deviation from the sample you generated?

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