Let\'s speculate on these costs and revenues per race. Excel Required!!! Please

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Let's speculate on these costs and revenues per race. Excel Required!!! Please answer every question separately, and numbered. THE INFORMATION TO WORK WITH: • There is an advertising cost of $20,000 to bring in the spectators. • cost of $400 for a ticket seller, selling tickets for $30 each • insurance cost is estimated at $10,000. • The current security employees can monitor up to 500 attendees. But they need 1 security guard for each full 500 spectators over that limit (in other words, no extra guard for 0-500spectators spectators, one for 501-1000, two for 1001- 1500, etc.). An additional security guard costs roughly $450. [Hint: you can use rounddown function.] • staff salaries and wages amount to $10,000. If there are 400 or fewer spectators, they can handle the cleanup. Each additional spectator above the first 400 requires 80 cents worth of overtime. [Hint: use if function.] • We get 20% of the concession's gross revenue and the average spectator spends $5.00 • opening a Souvenir Shop costs $800, the average dollar of sales brings in 55 cents of margin, and 25% of spectators buy anything. If a spectator does buy something, she will spend $50. Questions: 1. How many spectators (in integer) must we attract to at least break even? 2. How much better or worse off are we (than a closed event) if it attracts 0, 300, 500, 1000, 1500, 2000, or 2500 spectators? [You MUST use data-table command to answer this question.] 3. We expect that there would be roughly 1000 spectators if it opens the race. Would you recommend opening the race? 4. In addition to the questions above, provide a graph that shows the relationship between attendance and the profit. Phase 2: Incorporate a 100-trial simulation that uses a probability distribution based on three states of weather. Rain -25% chance Partly cloudy -40% Sunny and warm -35% Based on an attendance of 1,000: rain will reduce the attendance by 50% partly cloudy weather will have no effect sunny and warm weather will increase attendance by 25% Simulate the effect of this weather on attendance and state the effect this would have on profit, then answer these 3 questions: 1. What is the average profit of 100-trial simulation? 2. What is the worst profit, and what is the best profit? 3. Would you recommend Road Atlanta to open the race?

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Let's speculate on these costs and revenues per race. Excel Required!!! Please

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