The Owner of Sal's Italian Restaurant Wants to Study the Growth

question 53

Short Answer

The owner of Sal's Italian Restaurant wants to study the growth of his business using simulation. He is interested in simulating the number of customers and the amount ordered by customers each month. He currently serves 1000 customers per month and feels this can vary uniformly between a decrease of as much as 5% and an increase of up to 9%. The bill for each customer is a normally distributed random variable with a mean of $20 and a standard deviation of $5. The average order has been increasing steadily over the years and the owner expects the mean order will increase by 2% per month. You have created the following spreadsheet to simulate the problem.

-Sal, from Exhibit 12.5, has produced the following spreadsheet to compute confidence intervals on his income. What formula should go in cell B8 to compute the upper limit on a 95% confidence interval for the true population mean?

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Definitions:

Infant

A young child in the earliest period of life, especially from birth to one year old.

Classical Conditioning

A training method where two different stimuli are paired repeatedly, leading to a response initially triggered by the second stimulus being ultimately triggered by the first stimulus alone.

Laughing

The act or sound of expressing mirth, joy, or amusement through vocal chuckles or guffaws.

Touching

involves coming into contact with something or someone, typically conveying emotion or intention through physical contact.