You may need to use the appropriate appendix table or technology to answer this question. Shoppers enter a mall at an average of 360 per hour. (Round your answers to four decimal places.) (a) What is the probability that exactly 15 shoppers will enter the mall between noon and 12:05 p.m.? 0.0010 (b) What is the probability that at least 70 shoppers will enter the mall between 5:00 and 5:10 p.m.? 0.0985 X

You may need to use the appropriate appendix table or technology to answer this question. Shoppers enter a mall at an average of 360 per hour. (Round your answers to four decimal places.) (a) What is the probability that exactly 15 shoppers will enter the mall between noon and 12:05 p.m.? 0.0010 (b) What is the probability that at least 70 shoppers will enter the mall between 5:00 and 5:10 p.m.? 0.0985 X

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 7MC

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Time remaining: 01 :51 :45 Economics A dealer decides to sell an antique automobile by means of an English auction with a reservation price of $900. There are two bidders. The dealer believes that there are only three possible values, $7,200, $3,600, and $900, that each bidder’s willingness to pay might take. Each bidder has a probability of 1/3 of having each of these willingnesses to pay, and the probabilities for each of the two bidders are independent of the other’s valuation. Assuming that the two bidders bid rationally and do not collude, the dealer’s expected revenue from selling the car is approximately Group of answer choices $3,600. $2,500. $3,900. $5,400. $7,200.