Answer the Following Questions) Using the Analytic Solver Platform 5000

question 14

Multiple Choice

Answer the following questions) using the Analytic Solver Platform 5000 trials per simulation; use the Latin Hypercube sampling method) .
[Hint: choose the closest value.]
Consider the spreadsheet for a Monte Carlo Simulation in Excel. $$\begin{array} { | l | l | l | l | l | l | } \hline & { \text { A } } & \text { B } & \text { C } & \text { D } & \text { E } \\\hline 1 & \text { Monte Carlo Sirnulation } & & & \text { Histarical } & \\& \text { in Exarel } & && \text { Candy Sales } & \$ 264.00 \\\hline 2 & & && 50 & \$ 264.00 \\\hline 3 & \text { Data } & & & 45 & \$ 264.00 \\\hline 4 & & & & 40 & \$ 228.00 \\\hline 5 & \text { Selling price } & \$ 18.00 & & 46 & \$ 264.00 \\\hline 6 & \text { Cost } & \$ 12.00 & & 43 & \$ 255.00 \\\hline 7 & \text { Discourt price } & \$ 9.00 & & 43 & \$ 255.00 \\\hline 8 & & && 46 & \$ 264.00 \\\hline 9 & \text { Model } & & & 42 & \$ 246.00 \\\hline 10 & & && 44 & \$ 264.00 \\\hline 11 & \text { Dernand } & 44 & & 43 & \$ 255.00 \\\hline 12 & \text { Purchase Quantity } & 44 && 47 & \$ 264.00 \\\hline 13 & & && 41 & \$ 237.00 \\\hline 14 & \text { Quantity Sold } & && 41 & \$ 237.00 \\\hline 15 & \text { Surplus Quantity } & && 45 & \$ 264.00 \\\hline 16 & & && 51 & \$ 264.00 \\\hline 17 & \text { Profit } & && 43 & \$ 255.00 \\\hline 18 & & && 45 & \$ 264.00 \\\hline 19 & & && 42 & \$ 246.00 \\\hline 20 & & && 44 & \$ 264.00 \\\hline 21 & & && 48 & \$ 264.00\\\hline 21 &&&\text { Average Profit }\\\hline\end{array}$$ $\quad$
-Which of the following cells is defined as the uncertain function cell?

• A) B12
• B) B14
• C) B15
• D) B17

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Definitions:

Absolute Advantage

The ability of an entity to produce more of a good or service than competitors using the same amount of resources.

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than other entities, leading to more efficient trade possibilities.

Production

Production refers to the process of combining various material inputs and immaterial inputs (plans, knowledge) to make something for consumption (output).

Coolers

Devices or containers used to keep items cool or cold, often used for food and beverages.