BUSA 501 - Suppose that the expected crowd is normally

A garage band (imagine Metallica in early days) wants to hold a concert.

• Suppose that the expected crowd is normally distributed with a mean of 3,000 and standard deviation of 200.
• The average expenditure on concessions is $15.
• Tickets sell for $10 each.
• The band's profit is 80% of the gate and concession sales, minus a fixed cost of $10,000.
• Use the NORM.INV function and a one-way data table to conduct a Monte Carlo simulation with 25 trials to find the distribution of the expected profit.