Question

A garage band wants to hold a concert. The expected crowd is has a Normal distribution with the mean of 3000 and standard deviation of 200. The average expenditure on concessions is Uniformly distributed with a minimum of $10 and maximum of 25 dollars. Tickets sell for $10 each, and the band’s profit is 80% of the gate (ticket sale) and concession sales, minus a fixed cost of $12,000. Use the provided spreadsheet model and conduct a Monte Carlo simulation with 500 trials to analyze the band profit. In your analysis, - find the minimum, maximum, average, and standard deviation for band profit - create the frequency distribution (using FREQUENCY function) and the histogram for band profit - Find the probability that band profit will be greater than $62000.

Answer 1