A small business uses a website to sell clothing and accessories. The owners use data analytics and
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A small business uses a website to sell clothing and accessories. The owners use data analytics and have determined, based on the past 6 months of web visit data, that on any given day the website receives an average of, μ = 3,000 visits (hits) per day with a standard deviation of σ = 300 visits (hits) per day.
a.) Using Chebysheff’s theorem find the Chebysheff Confidence interval, IK , which indicates the number of customers that will visit the website at least 75% of the time (days).
b.) If the average purchase per customer is $50. Based on the results in part a, what daily revenue can the owners expect at least 75% of the days?
Related Book For
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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