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Average Profit Per Month




Simulation Quiz;Joe Smith is a handyman who owns his own plumbing business. In a typical month, the number of service calls that he gets varies according to the following discrete distribution;Number of Calls 15 16 17 18 19;Probability 0.3 0.3 0.2 0.1 0.1;His revenues per service call are normally distributed with a mean of $100 and a standard;deviation of $20.;His monthly expenses can range between a minimum of $1000 and a maximum of $1500, so you may assume that monthly expenses are uniformly distributed between $1000 and $1500.;Use 1000 replications to estimate the average profit per month that Joe Smith makes


Paper#35250 | Written in 18-Jul-2015

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