Your customers average order size is 2 601 with a standard
Your customers’ average order size is \$2,601, with a standard deviation of \$1,275. You are wondering what would happen if exactly 45 typical customers independently placed orders tomorrow.
a.* Find the mean of tomorrow’s total orders.
b.* Find the standard deviation of tomorrow’s total orders.
c.* Next (for the rest of this problem) assume that tomorrow’s total orders follow a normal distribution. Why is this assumption reasonable, even if individual customer orders are somewhat skewed?
d.* Find the probability that total orders will be at or above your break-even point of \$105,000.
e. Find the probability of a truly amazing day, with total orders exceeding \$135,000.
f. Find the probability of a typical day, with total orders between \$110,000 and \$125,000.
g. Find the probability of a surprising day, with total orders either below \$100,000 or above \$135,000.
h. What are the chances that tomorrow’s average order per customer will be between \$2,450 and \$2,750?
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