Complete the following table in preparation for a Monte Carlo simulation.The expected demand is 3.52.
Definitions:
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in a balance between production and consumption.
Equilibrium Quantity
The volume of commodities or services provided that coincides with the volume requested at the price of market balance.
Normal Good
A normal good is one whose demand increases when consumers' incomes increase and falls when incomes decrease, all else being equal.
Equilibrium Quantity
The quantity of a good or service at which supply and demand are balanced in a market.
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