Lets speculate on these costs and revenues per race Excel Re

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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