Question

FInd the distributions of revenue, costs, and profit, using data tables with 250 trials

Tanner Park (see Problem 14 in Chapter 11) is a small amusement park that provides a variety of rides and outdoor activities for children and teens. In a typical summer season, the number of adult tickets sold has a normal distribution with a mean of 20,000 and a standard deviation of 2,000. The number of children’s tickets sold has a normal distribution with a mean of 10,000 and a standard deviation of 1,000. Adult ticket prices are $18 and the children’s price is $10. Revenue from food and beverage concessions is estimated to be between $50,000 and $100,000, with a most likely value of $60,000. Likewise, souvenir revenue has a minimum of $20,000, most likely value of $25,000, and a maximum value of $30,000. Variable costs per person are $3, and fixed costs amount to $150,000. A) Determine the profitability of this business. B) What is the probability that the park will incur a loss in any given season? C) What was the minimum value of revenue for your simulation?

Please include a copy of the excel file if possible

PS: If needed, the below is Problem 14 in Chapter 11 that is mentioned:

Tanner Park is a small amusement park that provides a variety of rides and outdoor activities for children and teens. In a typical summer season, the number of adult and children’s tickets sold are 20,000 and 10,000, respectively. Adult ticket prices are $18 and the children’s price is $10. Revenue from food and beverage concessions is estimated to be $60,000, and souvenir revenue is expected to be $25,000. Variable costs per person (adult or child) are $3, and fixed costs amount to $150,000. Determine the profitabil- ity of this business.

Answer 1

An answer to part a & c