Suppose that fixed cost for the production of a medical device are expected to be random between $50,000 and $90,000. Use the Excel function RANDBETWEEN(50000,90000) to generate a random number between these limits. Denote your random number by F and write in the number here F = _______________.
b) Suppose that the product will sell for $3,000 with variable cost of $1,000. The sales manager believes that sales will be normally distributed with an average of 75 annually, with a standard deviation of 15. Use the value for F from part a) for the following questions. What is the breakeven point? BEP = ____________________.
c) What is the probability of a loss? Show all work and relevant calculations.
d) What is the profit/loss when 100 units are sold?
e) How many units must be sold to earn a profit of $50,000?
f) What is the probability of a profit of $50,000 or more?
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