Q: Suppose that we have set up a simulation with n=4 simulation runs that generated the following random instances for the demand for regular apartments, DR: 88, 91, 97, and 103. Calculate the four corresponding values of the profit from the sales of regular apartments (i.e., the sum of profits at both the high profit margin of $500,000 and the low profit margin of $100,000) and use Excel to generate the descriptive statistics for this sample of four profit values. What is the sample mean, in millions of $, of these four profit values? Choose the closest from the answers below.
or
Q: The following random instances for the demand for normal apartments, DR, were produced by a simulation with n=4 runs, let’s say: 88, 91, 97, and 103. Using Excel, create the descriptive statistics for this sample of four profit values. Determine the four equivalent values of the profit from the sales of normal apartments, that is, the total of the profits at the high profit margin of $500,000 and the low profit margin of $100,000. What is the sample mean of these four profit numbers, expressed in millions of dollars? From the following responses, select the one that is closest.
- 44.7
- 42.7
- 43.7
- 45.7
- 46.7
Explanation: The sample mean is approximately 47.4 million, which rounds to 46.7 million.
