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The sales of a coffee shop in a commercial district is very difficult to predict. The total revenue of the shop can be very good one day and bad the other day. The revenue can be classified into three different categories as High, Medium or Low a) Explain how we can see the revenue of the coffee shop as a "Random Experiment" b) Write down the sample space of this random experiment. c) Write down the event that revenue is high or medium using set notation. Write down a new event that is disjoint (mutually excusive) to the previous event.

The sales of a coffee shop in a commercial district is very difficult to predict. The total revenue of the shop can be very good one day and bad the other day. The revenue can be classified into three different categories as High, Medium or Low a) Explain how we can see the revenue of the coffee shop as a "Random Experiment" b) Write down the sample space of this random experiment. c) Write down the event that revenue is high or medium using set notation. Write down a new event that is disjoint (mutually excusive) to the previous event.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter0: Preparing For Algebra
Section: Chapter Questions
Problem 57PRT
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The sales of a coffee shop in a commercial district is very difficult to predict. The total revenue of the shop can be very good one day and bad the other day. The revenue can be classified into three different categories as High, Medium or Low a) Explain how we can see the revenue of the coffee shop as a "Random Experiment" b) Write down the sample space of this random experiment. c) Write down the event that revenue is high or medium using set notation. Write down a new event that is disjoint (mutually excusive) to the previous event. d) What would be the appropriate observation points (epochs) of the revenue? Explain.
Transcribed Image Text:The sales of a coffee shop in a commercial district is very difficult to predict. The total revenue of the shop can be very good one day and bad the other day. The revenue can be classified into three different categories as High, Medium or Low a) Explain how we can see the revenue of the coffee shop as a "Random Experiment" b) Write down the sample space of this random experiment. c) Write down the event that revenue is high or medium using set notation. Write down a new event that is disjoint (mutually excusive) to the previous event. d) What would be the appropriate observation points (epochs) of the revenue? Explain.
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