Using the generic profit model developed in the section Logic and Business Principles in Chapter 9 , develop a financial simulation model for a new product proposal and construct a distribution of profits under the following assumptions: Price is fixed at $1,000. Unit costs are unknown and follow the distribution. Demand is also variable and follows the following distribution: Fixed costs are estimated to follow the following distribution: Implement your model using Crystal Ball to determine the best production quantity to maximize the average profit. Would you conclude that this product is a good investment? (Data for this problem can be found in the Problem 6 worksheet in the Excel file Chapter 10 Problem Data. )
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