Expenses can range between a minimum

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Reference no: EM13808753

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

Reference no: EM13808753

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