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The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $34,000. The variable cost for the product is uniformly distributed between $18 and $25 per unit. The product will sell for $54 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,200 units and a standard deviation of 200 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions: What is the mean profit for the simulation? Round your answer to the nearest dollar. Mean profit = $ What is the probability that the project will result in a loss? Recalculate the numerical value of probability in percent and then round your answer to the nearest whole number. Probability of Loss = % What is your recommendation concerning the introduction of the product? The input in the box below will not be graded, but may be reviewed and considered by your instructor.
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