Answer:
The answer is not complete. But you can use a spreadsheet to construct a simulation model to estimate the average profit per unit of a set of data.
Step-by-step explanation:
To calculate the Expected value of profit, we use:
Selling price - Expected value of different costs
Selling price is Total Cost * Probability
Confidence Interval
A Confidence Interval is a range of values that someone can be sure the true value lies in.
To calculate the confidence interval, we use the formula x ± z * S/√n
Where S is the standard deviation
n is the number of observations
x is the mean
z is the chosen z value
