Use Random Numbers Provided: 0.227496442 0.349624533 0.905339803 0.115956857 0.0

Question

Use Random Numbers Provided:

0.227496442 0.349624533 0.905339803 0.115956857 0.038546961 0.178544617 0.971406411 0.543657133 0.555455816 0.801984819 0.752156214 0.093073494 0.954104747 0.634059511 0.069642022 0.054618025 0.311039743 0.74305376 0.254724739 0.200091093 0.558491928 0.250667428 0.938212601 0.12123743 0.029225809 0.419965496 0.683512123 0.334423109 0.994754295 0.469638394 0.809677252 0.764959421 0.440113068 0.859040669 0.142907356 0.72732089 0.055923732 0.050321882 0.371067123 0.968088657 0.034268858 0.565231439 0.916612207 0.276942391 0.830356929 0.944418102 0.30898434 0.391644114 0.279173964 0.134328729 Problem 1 10 Points Boats Unlimited sells aluminum fishing boats and the monthly demand is shown in the table below. Demand Probability 0.02 0.07 20 0.11 25 006 30 0.21 35 0.18 40 0.21 45 0.12 50 0.02 Simulate 50 months of demand using the instructor's random numbers. Please make sure your Excel calculations set to manual. a) What is the average demand? b) Probability that demand will be less than or equal to 30 boats.

Explanation / Answer

Answer:

1. The average of random numbers provided is 0.468

P (X<=30) = 1-P(X>30)

= 1- P (Z> 30-0.468/32)

= 1- P (Z> 0.9228)

= 1 – 0.321

= 0.679

2. Probability that demand will be less than or equal to 30 boats

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