Implement your model using Crystal Ball to determine the best production quantity to maximize the average profit.

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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