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.

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

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

An entrepreneur opened a small hardware store in a street mall. During the first few weeks, 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 MYR 12, what is the probability that the entrepreneur’s hourly earnings are at least MYR 24? (c) If...

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

An entrepreneur opened a small hardware store in a strip mall. During the first few weeks, business was slow, with the store averaging only one customer every 20 minutes in the morning. Assume that the random arrival of customers is Poisson distributed. (a) What is the probability that at least 1 hour would elapse between customers? (b) What is the probability that 10 to 30 minutes would elapse between customers? (c) What is the probability that less than 5 minutes...

could you answer all of these and leave details. I will upvote thanks! 1- What is...

could you answer all of these and leave details. I will upvote thanks! 1- What is CPI? 2- What is the CPU execution time? 3- What do KB, MB, and GB mean? Which power of 2 are they? 4- What’s the difference between bit and byte? 5- What is the CPU execution time for a program made of 20000 instructions and a CPI equal to 2. Assume the frequency of the processor is 3 GHz. 6- A microprocessor has 20...

could you answer all of these and leave details. I will upvote thanks! 1- How does...

could you answer all of these and leave details. I will upvote thanks! 1- How does the machine code differ form the assembly language? 2- What is an opcode? What is an operand? What is the function of an assembler? 3- What are the programming languages categories? 4- Specify the addressing mode in each case below: a) ADD AX, [1200H] b) MOV BX, DX c) SUB [1000H]+ BX, AX d) MOV AL, SI+ [3300H] e) ADC AX, 25H 5- What...

please prove this problem step by step. thanks Prove that in every simple graph there is...

please prove this problem step by step. thanks Prove that in every simple graph there is a path from every vertex of odd degree to some other vertex of odd degree.

Please solve by hand for upvote Hailey has a small house, if she sells the house...

Please solve by hand for upvote Hailey has a small house, if she sells the house now, she will probably get $ 225,000 for it. If she waits for 3 years from now, based on the trends in the real estate market she will probably receive more, may be $275,000. If she sells the house now, she can invest the money in a special saving account that pays 0.25% interest per month. Knowing that she is planning to relocate after...

Please attach the solution step by step, thanks! 1. An insurance company collected $31.0 million in...

Please attach the solution step by step, thanks! 1. An insurance company collected $31.0 million in premiums and disbursed $28 million in losses. Loss adjustment expenses amounted to $5.0 million. The firm is profitable A. if dividends paid to policyholders is $4 million and income generated on investments is $4 million. B. if dividends paid to policyholders is $10 million and income generated on investments is $14 million. C. if dividends paid to policyholders is $6 million and income generated...

Please provide step by step solution and i will give a positive rating. Many thanks 1)Suppose...

Please provide step by step solution and i will give a positive rating. Many thanks 1)Suppose we have a steady fluid flow through a section of a cylindrical pipe with varying area, with control volume. At the entrance the radius of the pipe r1 = 4m, the flow velocity is U1 = 5 i m/s and at the exit the radius of the pipe is r2 = 2.5 m and the velocity of the flow is U2 = 5 i m/s....

Please provide complete step-by-step explanation. Thanks! Jack and Jill are in the highest marginal tax bracket...

Please provide complete step-by-step explanation. Thanks! Jack and Jill are in the highest marginal tax bracket in Ontario and have maxed-out both their TFSA and RRSP. They have no more room in either tax-shelters and are in the 54% marginal tax rate on ordinary income and interest income and 27% on all realized capital gains. Now, assume Jack decides to invest $100,000 in a stock based mutual fund that earns a constant 5% pre-tax, but the fund is highly inefficient...

Please answer the last step for question 1. Answer it asap please. Thanks 1. Consider the...

Please answer the last step for question 1. Answer it asap please. Thanks 1. Consider the following data for three different samples from three different populations:Consider the following data for three different samples from three different populations: Sample 1 Sample 2 Sample 3 0 6 6 4 8 5 0 5 9 1 4 4 0 2 6 T = 5 T = 25 T = 30 G = 60 SS = 12 SS = 20 SS = 14 ∑X2...

Subjects