Contemporary Decision Making
The Hat Sales excel file contains 365 days of daily Dodger and Yankee hat sales. The net profit for a Dodger hat is $5.50 and a Yankee hat is $4.00.
Deliverable 1:
Determine the discrete probability distributions of Dodger and Yankee hat sales based upon the empirical data.
Deliverable 2:
Use the empirical discrete probability distributions to generate 365 days of Dodger and Yankee hat sales. Calculate the daily profit and average daily profit.
Run the simulation ten times, log the average daily profit for each run, and determine the average for all ten runs.
Hint: Use nested If statements to determine the daily sales. Use a separate Rand() number for Dodger and Yankee hat sales.