- Access to
**800,000+**Textbook Solutions - Ask any question from
**24/7**available

Tutors **Live Video**Consultation with Tutors**50,000+**Answers by Tutors

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?

Membership
TRY NOW

- Access to
**800,000+**Textbook Solutions - Ask any question from
**24/7**available

Tutors **Live Video**Consultation with Tutors**50,000+**Answers by Tutors

Relevant Tutors available to help