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Management of Madeira Manufacturing Company is thiking introduction of new product. Fixed cost to begin production of product is $30,000. Variable cost for product is uniformly distributed between $16 and $24 per unit. Product will sell for $50 per unit. Demand for product is best explained by normal probability distribution with mean of 1200 units and standard deviation of 300 units. Create the spreadsheet simulation. Use 500 simulation trials to reply the question: What is the mean profit for the simulation?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9390314

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