Question

Use SPSS to answer the following question. Must provide sufficient evidence that you did the work on your own. For example, what equations did you use in your model?

A band wants is going to hold a concert. The expected attendance is normally distributed with a mean of 3000 and a standard deviation of 400 (minimum of 0). The amount attendees spend on concessions is also normally distributed with a mean of $15 and a standard of $3 (min 0). Ticket prices are set at $10. Run the simulation and report the descriptive statistics for the band’s profit (mean, etc.). Also, report percentile information on the level of profit. Finally, the band is eyeballing some new gear and thinks the gear will cost them about $20,000. Should the band be optimistic they will be able to afford the new gear with the profit from the concert?

Answer 1