Open Word and answer the following questions. Save the document and print it when you are done. 1. Use the results in the Analytical sheet to compute the N elasticity of K∗ from N = 10 to N = 11. Show...

Open Word and answer the following questions. Save the document and print it when you are done.

1. Use the results in the Analytical sheet to compute the N elasticity of K∗ from N = 10 to N = 11. Show your work.

2. Use the results in the Analytical sheet to draw a chart of K∗ as a function of N. Copy and paste your graph in your Word document.

3. Run a Monte Carlo simulation that supports one of the N-K∗ combinations in the Analytical sheet. Take a picture of your simulation results and paste it in your Word document.

4. Explain why the Monte Carlo simulation was unable to exactly replicate the percentage of times the lowest priced station was found.