About 10% of customers who actually enter a clothing store end up buying something. Assume that all customers are the same (in terms of probability of making a purchase) and the behavior of one customer doesn’t impact another (they are independent). The number of customers entering the store on a typical weekday is represented as either 10, 20, 30, 40, or 50, all equally like. Answer the following questions for a typical weekday. What is the average number of sales on a weekday? What is the average profit for a five-day week (of weekdays)?
About 10% of customers who actually enter a clothing store end up buying something. Assume that all customers are the same (in terms of probability of making a purchase) and the behavior of one customer doesn’t impact another (they are independent). The number of customers entering the store on a typical weekday is represented as either 10, 20, 30, 40, or 50, all equally like. Answer the following questions for a typical weekday. What is the average number of sales on a weekday? What is the average profit for a five-day week (of weekdays)?
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 18T: You attend a karaoke night and hope to hear your favorite song. The karaoke song book has 300...
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About 10% of customers who actually enter a clothing store end up buying something. Assume that all customers are the same (in terms of probability of making a purchase) and the behavior of one customer doesn’t impact another (they are independent). The number of customers entering the store on a typical weekday is represented as either 10, 20, 30, 40, or 50, all equally like. Answer the following questions for a typical weekday.
- What is the average number of sales on a weekday?
- What is the average profit for a five-day week (of weekdays)?
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