Question: Problem 1: Here is a set of data for customer arrivals and spending from 8:00am to 9:00am, 26, September, 2013 at a local seveneleven store.

 Problem 1: Here is a set of data for customer arrivals

Problem 1: Here is a set of data for customer arrivals and spending from 8:00am to 9:00am, 26, September, 2013 at a local seveneleven store. Customers 1 9 10 m_ 11 12 Assuming that the stationary Poisson assumption for customer arrival, and the uniform distribution assumption on interval [5.00, 15.00] for customer spending are appropriate, based on the data, mumm-pww [1] estimate the probability that there are at least three customers arriving during 9:00am to 9:3 0am; [2] estimate the store's expected revenue from 8:00am to 8:00pm {12 hours]

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!