Business, 04.05.2021 19:50 jamarengle2

Bothers John and Jason Rogers are trying to establish Illinois River Hawk Floats to offer rafts for customers to float the Illinois River. 50 rafts are leased from a supplier for a monthly (30 days) cost of $415 per raft. The rafts are rented to customers for $25 per day. Customer demand follows a normal distribution, with a mean of 50 rafts and standard deviation of 8.5 rafts. (Make all demands integers in the model). If all 50 rafts are rented out, customers are referred to another outfitter who has a working relationship with the brothers. a. Set up the model and simulate a month (30 days) of operation to calculate the total monthly profit
b. Replicate the simulation for 5 months (the expected float season) and determine the average total monthly profit. Note: this does not mean make 5 copies of the model. Run it 5 times, record and use the results appropriately.

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Bothers John and Jason Rogers are trying to establish Illinois River Hawk Floats to offer rafts for...