PRACTICAL QUESTIONS
- The management of ABC company is considering the question of marketing a new product. The fixed cost required in the project is Rs. 4,000. Three factors are uncertain viz. the selling price, variable cost and the annual sales volume. The product has a life of only one year. The management has the data on these three factors as under:
Consider the following sequence of thirty random numbers:
81, 32, 60, 04, 46, 31, 67, 25, 24, 10, 40, 02, 39, 68, 08, 59, 66, 90, 12, 64, 79, 31, 86, 68, 82, 89, 25, 11, 98, 16.
Using the sequence (First 3 random numbers for the first trial, etc.) simulate the average profit for the above project ...
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