University Florists Makes Bouquets from a Variety of Materials

question 36

Essay

University Florists makes bouquets from a variety of materials. The Daily Special Bouquet is priced at $20. The florist assembles this bouquet each day from a variety of low cost flowers he buys from his flower supplier. The actual cost of flowers ranges uniformly from $2 to $7, with all intermediate values being equally likely. The florist (who studied management science many years ago) knows that the time to assemble a bouquet is normally distributed with a mean time of 5 minutes and standard deviation of 1 minute. This will be the time required for all of the Daily Special Bouquets for that day. The florist values his labor time at $10 per hour. Sales are normally distributed with a mean of 10 bouquets per day with a standard deviation of 1 bouquet. What formulas should go in cells B8:B14 to simulate daily profits for the store?

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Definitions:

Mind Wanders

A phenomenon where attention shifts away from the task at hand towards unrelated thoughts or imaginations, often unconsciously.

Pay Attention

The mental activity of focusing attentively on a particular element of one's surroundings while disregarding other stimuli.

Forgets

The failure to remember information or experiences that were once known or familiar.

Schizophrenia

A chronic psychiatric disorder characterized by distorted thoughts, perceptions, emotions, language, sense of self, and behavior.