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Must be solved using arena simulation Provide your pseudo-code in the exhibit box. A firm...

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Accounting

Must be solved using arena simulation

Provide your pseudo-code in the exhibit box.

A firm produces YBox gaming stations for the consumer market. Their profit function is:Profit=(unit priceunit cost)(quantity sold)fixed costsProfit=(unit priceunit cost)(quantity sold)fixed costs

Suppose that the unit price is $200 per gaming station, and that the other variables have the following probability distributions:

Unit Cost 80 90 100 110
Probability 0.20 0.40 0.30 0.10
Quantity Sold 1000 2000 3000
Probability 0.10 0.60 0.30
Fixed Cost 50000 65000 80000
Probability 0.40 0.30 0.30

Use a simulation model to generate 1000 observations of the profit.

Estimate the mean profit from your sample and compute a 95% confidence interval for the mean profit. Estimate the probability that the profit will be positive.

Pseudo Code Exhibit Box

Show the results of running your model based on 1000 observations

Results Exhibit Box

Provide a snapshot of your completed Arena model

Model Exhibit Box

Answer & Explanation Solved by verified expert
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