Complete the Following Table in Preparation for a Monte Carlo

question 43

Essay

Complete the following table in preparation for a Monte Carlo simulation.
$$\begin{array} { | c | c | c | c | } \hline \text { Demand } & \text { Probability } & \begin{array} { c } \text { Cumulative } \\\text { Probability }\end{array} & \begin{array} { c } \text { Interval of Random } \\\text { Numbers }\end{array} \\\hline 1 & & & 01 - 20 \\\hline 2 & & & 21 - 25 \\\hline 3 & & & 26 - 50 \\\hline 4 & & & 51 - 80 \\\hline 5 & & & 81 - 00 \\\hline\end{array}$$

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Definitions:

Price-Elastic Supply

A situation where the quantity supplied of a good changes significantly as a result of changes in its price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of products like tobacco, alcohol, and fuel, to generate revenue or discourage consumption.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Price Elasticity

An indicator of the sensitivity of demand for a product to variations in its price.