Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months, and based on inquiries and informal surveys of local housing market, she anticipates that she will get painting jobs at the rate of 4 per week (poisson distributed). Amanda has also determined that it will take a four-person team of painters an average of 0.7 week (exponentially distributed) for a typical painting job. Note: the 4 people of a team work on one job at a time together. a) Determine the number of teams of painters Amanda needs to hire so that customers will have to wait no longer than two weeks to get their houses painted. (I'm interested in the non-calculator or software way of solving this. b) If the average price for a painting job is $1700 and Amanda pays a team of painters $500 per week, will she make any money? Show calculations.
Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months, and based on inquiries and informal surveys of local housing market, she anticipates that she will get painting jobs at the rate of 4 per week (poisson distributed). Amanda has also determined that it will take a four-person team of painters an average of 0.7 week (exponentially distributed) for a typical painting job. Note: the 4 people of a team work on one job at a time together.
a) Determine the number of teams of painters Amanda needs to hire so that customers will have to wait no longer than two weeks to get their houses painted. (I'm interested in the non-calculator or software way of solving this.
b) If the average price for a painting job is $1700 and Amanda pays a team of painters $500 per week, will she make any money? Show calculations.
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