Business Finance Homework Help
Business Finance Homework Help. Please provide a detailed answer to the following questions.
1. Describe a situation that you have seen that would be appropriately modeled using simulation. Explain why modeling using simulation would be appropriate.
2. Frank’s Barber Shop is a popular local barber shop. He estimates that the time required to serve a customer on each visit has a uniform distribution between 15 minutes and 45 minutes (Answer in EXCEL/ Make sure all formulas are able to be edited in the cells that contain them.)
a.) Simulate the service times for five customers by using the following five random numbers: 0.6905, 0.1740, 0.0443, 0.5975, 0.1178.
b.)Calculate the average of the five service times and compare it to the mean of the service-time distribution.
c.)Use Excel to generate 500 random observations and calculate the average. Compare this average to the mean of the service-time distribution.
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Business Finance Homework Help
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