Complete the Following Table in Preparation for a Monte Carlo

question 72

Essay

Complete the following table in preparation for a Monte Carlo simulation. The expected demand is 3.52.
$$\begin{array} { | c | c | c | c | } \hline \text { Demand } & \text { Probability } & \begin{array} { c } \text { Cumulative } \\\text { Probability }\end{array} & \begin{array} { c } \text { Interval of Random } \\\text { Numbers }\end{array} \\\hline 0 & & .1 & \\\hline 2 & & & 11 - 23 \\\hline 3 & & .5 & \\\hline 4 & & & \\\hline & & & 86 - 00 \\\hline\end{array}$$

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Definitions:

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded, assuming other factors remain constant.

Monopoly Model

An economic model describing a market where a single seller controls the market supply of a product which has no close substitutes.

Cooperative Housing

A type of residential community where residents have a collective ownership of the property and participate in its management and maintenance.

Condominiums

A form of property ownership where individual units of a larger complex are owned by individuals, including shared access to common facilities.