Use the Simulation according to the commands given in the question image to solve the following problems:And using excel, if possible I need to send the offline solution (file) via gmail. thank you Use Monte Carlo Simulation to solve the following problem.Pierre's can bake the bread only in batches of a dozen loaves each. Each loaf costs 25¢ tomake. Past data have shown that this demand ranges from 36 to 96 loaves per day. A loafsells for 40¢, and any bread left over at the end of the day is sold to a charitable kitchen for asalvage price of 10¢/loaf. If demand exceeds supply, we assume that there is a lost-profit costof 15¢/loaf (because of loss of goodwill, loss of customers to competitors, and so on). Thedemand can be categorized into three types: high, average, and low with probabilities of .30,.45, and .25, respectively.The demand distribution is shown as in the tableDemand Distribution by Demand CategoriesCb Demand ProbabilityDistributionDemandHighAverageLow36.05.10.1548.10.20.2560.2530.3572.30.25.1584.20.10.0596.10.05.05Pierre's would like to determine the optimal number of loaves to bake each day to maximizeprofit (revenues salvage revenues cost of bread cost of lost profits).

Pierre's can bake the bread only in batches of a dozen loaves each. Each loaf costs 25¢ to make. Past data have shown that this demand ranges from 36 to 96 loaves per day. A loaf sells for 40¢, and any bread left over at the end of the day is sold to a charitable kitchen for salvage price of 10¢/loaf. If demand exceeds supply, we assume that there is a lost-profit co of 15¢/loaf (because of loss of goodwill, loss of customers to competitors, and so on). The demand can be categorized into three types: high, average, and low with probabilities of .30 .45, and .25, respectively. The demand distribution is shown as in the table

Pierre's can bake the bread only in batches of a dozen loaves each. Each loaf costs 25¢ to make. Past data have shown that this demand ranges from 36 to 96 loaves per day. A loaf sells for 40¢, and any bread left over at the end of the day is sold to a charitable kitchen for salvage price of 10¢/loaf. If demand exceeds supply, we assume that there is a lost-profit co of 15¢/loaf (because of loss of goodwill, loss of customers to competitors, and so on). The demand can be categorized into three types: high, average, and low with probabilities of .30 .45, and .25, respectively. The demand distribution is shown as in the table

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 47P

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