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What is a Monte Carlo Simulation? Well, think about it as a computation process
that utilized random numbers to derive outcome. So instead of having fixed
inputs, probability distributions are assigned to some or all of the inputs.
This will generate a probability distribution for the output after the
simulation is ran.
Here is an example. A firm that sells product X under a pure/perfect competition
market wants to know the probability distribution for the profit of this product
and the probability that the firm will loss money when marketing it
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