West Coast Health Corp. develops new probiotic food ingredients. They developed a prototype of a new organic material which can substitutes unhealthy oil. They have performed preliminary marketing and financial analysis to determine their target customers. Following parameters are determined with certainty:
Selling price= $1200 /ton
New technology cost= $ 850,000
Advertising cost= $700,000
The cost of a trained worker follows a Normal Distribution with the mean $75 per ton and the standard deviation $35 per ton. The large-scale production cost follows a Uniform Distribution with smallest value $185 per ton and the largest value $455 per ton. They are expecting a limited market for the first-year demand. Thus, the first-year demand follows a Discrete Distribution as follows:
Demand (ton)
Probability
1500
0.1
1600
0.1
2250
0.3
2400
0.3
2600
0.2
a) Download the template and develop a simulation model for 200 trials.
b) Fill the summary of statistics in your file.
c) Plot the histogram for the specified ranges of profit.
Bonus Question: What is the probability of earning a profit greater than $500,000?
(show your work in the template) customers spend
Eco Car Wash store provides one type of self-serve auto wash via two fully automated stations. The inter-arrival time of the customers follow a uniform distribution with the smallest value of 10 minutes and the largest value of 25 minutes.
The time required to fully clean the vehicle may vary depending on the vehicle size and can be described by the probability distribution as follows:
Time Required for auto wash (minutes): customers spend
Probability
18
0.1
25
0.1
30
0.6
35
0.2
a) Download the template and develop a simulation model for 200 incoming customers.
b) Fill the summary of statistics in your file.
c) Plot the histogram for the specified ranges of waiting times.
Bonus Question: also get its help at thecollegepapers.com
1) What percentage of customers spend MORE than 35 minutes in the carwash?
What percentage of customers spend 35 minutes. (2020, Dec 14). Retrieved from https://studymoose.us/what-percentage-of-customers-spend-more-than/
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