The Owner of Fix-A-Dent Auto Repair Wants to Study the Growth

question 62

Multiple Choice

The owner of Fix-a-dent Auto Repair wants to study the growth of his business using simulation. He is interested in simulating the number of damaged cars and the amount of damage to the cars each month. He currently repairs 100 cars per month and feels this can vary uniformly between a decrease of as much as 3% and an increase of up to 5% (average change of 1%) over the previous months. The dollar value of the damage to the cars is a normally distributed random variable with a mean of $3,000 and a standard deviation of $500. The average repair bill has been increasing steadily over the years and the owner expects the mean repair bill will increase by 1% per month. You have created the following spreadsheet to simulate the problem.

-Using the information in Exhibit 12.1, what Risk Solver Platform (RSP) function should go in cell B8 to compute the number of cars repaired in the first month?

• A)=PsiUniform($C$2*(1-$F$2), $C$2*(1+$H$2))
• B)=PsiUniform($C$2*1-$F$2, $C$2*1+$H$2)
• C)=PsiUniform($C$2-(1-$F$2), $C$2+(1+$H$2))
• D)=PsiUniform($C$2+(1-$F$2), $C$2+(1+$H$2))

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Definitions:

Equal Ability

The concept that individuals or groups possess the same level of skill, talent, or capability in a particular area or in general.

Variety Of Conditions

A broad spectrum or range of circumstances, situations, or health disorders.

Repeatedly

Doing something over and over again.

Concept Check

A method used to assess understanding of a particular concept or topic, often through questions or brief assessments.