Question

University Florists makes bouquets from a variety of materials. The Daily Special Bouquet is priced at $20. The florist assembles this bouquet each day from a variety of low cost flowers he buys from his flower supplier. The actual cost of flowers ranges uniformly from $2 to $7, with all intermediate values being equally likely. The florist (who studied management science many years ago) knows that the time to assemble a bouquet is normally distributed with a mean time of 5 minutes and standard deviation of 1 minute. This will be the time required for all of the Daily Special Bouquets for that day. The florist values his labor time at $10 per hour. Sales are normally distributed with a mean of 10 bouquets per day with a standard deviation of 1 bouquet. What formulas should go in cells B8:B14 to simulate daily profits for the store? You just have to write the formulas. No solution of the question is needed.

	A	B	C	D	E	F
1	Initial Conditions:
2	Sales Price		$20			Constant
3	Number of Bouquets:	Average	10	Std dev	1	Normal
4	Cost of Flowers	Lo	$2	Hi	$7	Cont. Uniform
5	Labor Time	Average	5	Std dev	1	Normal
6	Labor Cost		$10			Constant
7
8	Cost of Flowers	$4.41
9	Labor Time (Min)	2.55
10	Labor Cost	$0.43
11	Total Cost	4.83
12	Profit/Bouquet	$15.17
13	# Bouquets Sold	12.20
14	Total Profit	$184.99

Answer 1

ANS:

Cell Formula

B8 =PsiUniform($C$4, $E$4)

B9 =PsiNormal($C$5, $E$5)

B10 =B9/60*C6

B11 =B8+B10

B12 =C2-B11

B13 =PsiNormal($C$3, $E$3)

B14 =B12*B13+PsiOutput()