A department store will place a sale item in a special display for a one- day sale. Previous experience suggests that 20 percent of all customers who pass such a special display will purchase the item. If 2,000 customers will pass the display on the day of the sale, and if a one- item- per- customer limit is placed on the sale item, how many units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale? Assume here that customers make independent purchase decisions.
Answer to relevant QuestionsState the formula for the exponential probability curve. Define each symbol in the formula. The length of a particular telemarketing phone call, x, has an exponential distribution with mean equal to 1.5 minutes. a. Write the formula for the exponential probability curve of x. b. Sketch the probability curve of x. ...In a bottle- filling process, the amount of drink injected into 16 oz bottles is normally distributed with a mean of 16 oz and a standard deviation of .02 oz. Bottles containing less than 15.95 oz do not meet the bottler’s ...A machine is used to cut a metal automobile part to its desired length. The machine can be set so that the mean length of the part will be any value that is desired. The standard deviation of the lengths always runs at .02 ...Assume that the ages for first marriages are normally distributed with a mean of 26 years and a standard deviation of 4 years. What is the probability that a person getting married for the first time is in his or her ...
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