##### 4. A garage band wants to hold that concert. The expected crowd-(Answered)

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**Question**

?4. A garage band wants to hold that concert. The expected crowd is 3000. The average expenditure on concessions is $15. Ticket sells for $10 each, and the band's profit is 80% of the gate, along with concession sales minus the fixed cost of $10,000. Develop a general mathematical model and implement it on a spreadsheet to find the thier expected profit.

15. Use the Markdown Pricing Decisions spreadsheet model and a two-way data table to find the total revenue if days at full retail vary from 20 to 40 in increments of 5 and the intermediate mark down varies from 15% to 50% in increments of 5%.

20. For the garage band model you developed in Problem 4, define and run some reasonable scenarios using the Scenario Manager to evaluate probability for variations in the estimates.

2. For the garage model in Problem 4 of chapter 8, suppose that the expected crowd is normally distributed with a mean of 3, 000 and a standard deviation of 200. Use the NORM.IND function and a one-way data table to conduct a Monte Carlo simulation to find the distribution of the expected profit.

5. Use Risk Solver Platform to simulate the Outsourcing Decision Model under the assumptions that the production volume will be triangular with a minimum of 800, maximum of 1700, and most likely value of 1400 and that the unit supplier cost is normally distributed with a mean of 175 and a standard deviation of $12. Find the probability that outsourcing will result in the best decision.

Paper#9209687 | Written in 27-Jul-2016

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