1. A garage band wants to hold a concert. The expected crowd is 3,000. The average expenditure on concessions is $15. Tickets sell for $10 each, and the band’s profit is 80% of the gate, along with concession sales, minus a fixed cost of $10,000. Develop a general mathematical model and implement it on a spreadsheet to find their expected profit.
2. For the garage-band model in Problem 4 of Chapter 8, suppose that the expected crowd is normally distributed with a mean of 3,000 and standard deviation of 200. Use the NORM.INV function and a one-way data table to conduct a Monte Carlo simulation to find the distribution of the expected profit.