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The owner of a newsstand believes that the demand is uniformly distributed for the newspaper between 10 and 100. The paper costs 70 cents, which sells for $1.25. For each unsold paper, the owner receives 30 cents credit.
Create a simulation model using Excel and run it for 100 days.
a) What is the average profit of the newsstand if the owner decides to buy 75 papers every day?
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