# Question: 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?

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?

## Answer to relevant Questions

You have a factory with 40 production machines that are essentially identical, each producing at a mean daily rate of 100 products with a standard deviation of 15. You may assume that they produce independently of one ...The sample average age is 69.8 and the sample standard deviation is 9.2, based on a sample of 200 individuals in a retirement community. Your friend claims that “the sample average is approximately 9.2 away from the ...The accounts of a firm have been classified into 56 large accounts, 956 medium-sized accounts, and 16,246 small accounts. Each account has a book value (which is provided to you) representing the amount of money that is ...Do exercise 3 using the ages instead of the salaries. a. Find the population mean for salary. b. Compare this population mean to the sample average for salary. In particular, how many standard errors apart are they? c. Find ...a. What would you change in the computation of a two-sided 95% prediction interval to find a two-sided 99% prediction interval instead? b. What would you change in the computation of a two-sided 95% prediction interval to ...Post your question