Please write step by step in details thanks will upvote An entrepreneur opened a small hardware...

Please write step by step in details thanks will upvote

An entrepreneur opened a small hardware store in a street mall. During the first few weeks, the business was slow with the store averaging only one customer arrived every 20 minutes. Assume that the random arrival of customers is Poisson distributed.

(a) What is the probability that exactly 5 customers arrive during one-hour period?
(b) If the average revenue from each customer is USD 12, what is the probability that the entrepreneur’s hourly earnings are at least USD 24?
(c) If the hardware shop is open for 8 hours, what is the entrepreneurs mean daily earnings if each customer were to spend on average about USD 12.

Expert Solution

orchestra answered 2 years ago

An entrepreneur opened a small hardware store in a street mall. During the first few weeks,...

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