# As we've previously seen, equations describing situations often contain uncertain parameters, that is, parameters that aren't...

###### Question: As we've previously seen, equations describing situations often contain uncertain parameters, that is, parameters that aren't necessarily a single value but instead are associated with a probability distribution function. When more than one of the variables is unknown, the outcome is difficult to visualize. A common way to overcome this difficulty is to simulate the scenario many times and count the number of times different ranges of outcomes occur. One such popular simulation is called a Monte Carlo Simulation. In this problem-solving exercise you will develop a program that will perform a Monte Carlo simulation on a simple profit function. Consider the following total profit function: P1 =nP Where Pr is the total profit, nt is the number of vehicles sold and P, is the profit per vehicle. PARTA Compute 5 iterations of a Monte Carlo simulation given the following information: n follows a uniform distribution with minimum of 1 and maximum 10 P follows a normal distribution with a mean of S7000 and a standard deviation of $1750 Number of bins: 10 Recall that for all practical purposes we will use 3 std. deviations from the mean as the maximum value for parameters following a normal distribution. Obviously, 5 iterations are not very many. In fact, typically you would simulate 10,000 iterations or so to view meaningful results but I figured that I'd give you a break . If you'd like to compute 10,000 iterations by hand for extra credit, go ahead... ii.) What are the ranges for the 10 bins? Fill in the table below: Iteration 3 Iteration + Iteration 5 Parameter Iteration 1 Iteration 2 38 S3750$4500 S7000 S6700 S7750 S Range

#### Similar Solved Questions

##### (2) Jominy Test Jominy Sample Data Hardness, Rockwell C 4140 1045 56 54 55 30 Distance...
(2) Jominy Test Jominy Sample Data Hardness, Rockwell C 4140 1045 56 54 55 30 Distance (in) 1/8 1/4" | 3/8 1/2 3/4 52 28 51 27 48 24 1 46 23 43 19 1 1/4 1 1/2 40 15 1 3/4 38 15 2 34 a) Plot Hardness vs. distance from quenched surface b) Identify the material with less hardenability. Why does the...
##### A rectangular field is to be enclosed with 1200 ft of fencing
A rectangular field is to be enclosed with 1200 ft of fencing. If the length of the field is 40 ft longer than the width, then how long is the field?...
##### 5) A) Solve: 15y4- 29y2 - 14 = 0 .B) Rationalize the answers. 6) Show that...
5) A) Solve: 15y4- 29y2 - 14 = 0 .B) Rationalize the answers. 6) Show that the distance formula comes from the Pythagorean Theorem. Use a picture and some algebra OR Simplify the cube root of 216x13. 7) Graph the system of Linear Inequalities: Y> -2x+1 Y - 3x < - 4...
##### Drop down options are acidic,basic, or neutral The pH of an aqueous solution of 0.169 M...
drop down options are acidic,basic, or neutral The pH of an aqueous solution of 0.169 M ammonium nitrate, NHNO, (aq), is This solution is Submit Answer Retry Entire Group 4 more group attempts remaining...
##### Give one example ( name) of a hormone derived from cholesterol Give one example ( name) of a vitamin derived from a lipid
Give one example ( name) of a hormone derived from cholesterol Give one example ( name) of a vitamin derived from a lipid...
##### Can someone please explain to me, why the current affects the x ray image contrast and...
Can someone please explain to me, why the current affects the x ray image contrast and the density of the x ray image? Also then again why would does the voltage affect these contrast and density. Would they affect the x ray image in any other ways And also what specific factors would you use these ...