For this assignment submit a single file, MS WORD in addition to your Python code with descriptions. The Python code need to have comments. Please see the book for reference if needed.1 attachmentsSlide 1 of 1
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Assignment Problem 1) In August 2020, a car dealer is trying to determine how many 2021 cars should be ordered. Each car ordered in August 2020 costs $10,000. The demand for the dealer’s 2021 cars has the probability distribution shown below. Number of Cars Demanded Probability 20 0.30 25 0.15 30 0.15 35 0.20 40 0.20 The dealer can order any integer number of cars. Each car sells for $15,000. If the demand for 2021 cars exceeds the number of cars ordered in August, the dealer must re-order at a cost of $12,000 per car. Excess cars may be sold to other dealers for $9000 per car. A. Develop a simulation model for this problem. You can use MS Excel to depict the model. B. Using the trial-and-error method, determine how many cars should be ordered in August. C. For your optimal order quantity in part b, provide a 95% confidence interval for the expected profit. D. The dealer would like to know if the expected profit exceeds $120,000. Conduct a statistical analysis to answer the question with 97% confidence coefficient. Clearly determine the null and alternative hypothesis. E. Repeat this analysis if the demand for cars is assumed to be normally distributed with a mean of 30 and a standard deviation of 7. (Round the demand to an integer.)
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