Quantitative Methods Pin It

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Benchmark Stimulation Assignment
Complete Problem 13-19.
Complete Problem 13-25.

Use one Excel spreadsheet file for the calculations and explanations, with one worksheet per problem. Use the problem number for each worksheet name. Cells should contain the formulas (i.e., if a formula was used to calculate the entry in that cell).

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Problem 13.9Every home football game for the past eight years atEastern State University has been sold out. The revenuesfrom ticket sales are significant, but the sale offood, beverages, and souvenirs has contributed greatlyto the overall profitability of the football program. Oneparticular souvenir is the football program for eachgame. The number of programs sold at each game isdescribed by the following probability distribution:NUMBER (IN100s) OFPROGRAMSSOLDPROBABILITY230,15240,22250,24260,21270,18CUMULATIVEPROBABILITY0,150,370,610,821,00INTERVALRANDOM NUMBERS1-1516-3738-6162-8283-100Historically, Eastern has never sold fewer than 2,300programs or more than 2,700 programs at one game.Each program costs $0.80 to produce and sells for$2.00. Any programs that are not sold are donated toa recycling center and do not produce any revenue.(a) Simulate the sales of programs at 10 footballgames. Use the last column in the random numbertable (Table 14.4) and begin at the top of thecolumn.(b) If the university decided to print 2,500 programsfor each game, what would the average profits befor the 10 games simulated in part (a)?(c) If the university decided to print 2,600 programsfor each game, what would the average profits befor the 10 games simulated in part (a)?PROBABILITYRANGE(lower)CUMULATIVEPROBABILITYNUMBER (IN100s) OFPROGRAMSSOLD015,0037,0061,0082,00153761821002324252627DAY123456789
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