Standard deviation for band profit

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Reference no: EM132304861

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,

1. Find the minimum, maximum, average, and standard deviation for band profit

2. Create the frequency distribution (using FREQUENCY function) and the histogram for band profit

3. Find the probability that band profit will be greater than $62000.

Reference no: EM132304861

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