Seating Zone
Seats Available
Ticket Price
Mean Demand
Standard Deviation
First Level Sideline
15000
$100.00
14500
750
Second Level
5000
$90.00
4750
500
First Level End Zone
10000
$80.00
9000
1250
Third Level Sideline
21000
$70.00
17000
2500
Third Level...
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Question
Statistics
Seating Zone
Seats Available
Ticket Price
Mean Demand
Standard Deviation
First Level Sideline
15000
$100.00
14500
750
Second Level
5000
$90.00
4750
500
First Level End Zone
10000
$80.00
9000
1250
Third Level Sideline
21000
$70.00
17000
2500
Third Level End Zone
14000
$60.00
8000
3000
Determine the distribution of total revenue using adata table. Use histogram to summarize results
3 Simulated Trials assume higher ticket prices
Answer & Explanation
Solved by verified expert
4.3 Ratings (587 Votes)
SolutionFor trials formula NORMINVRANDC11C12NORMINVRANDmeansdrand generates value bw 0 and 1 say 036Norminv for 1st level side line trial1 cell generates for eg36th percentile of a normal distr with mean 14500 and sd 750Zone1st Level sidelineSecond levelFirst LevelEnd Zone Second Level End ZoneThird Level End ZoneSeats150005000100002100014000Ticket Price10090807060Mean trialmean
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