The probability is .1 that a customer entering a food store will buy a can of coffee.
Question:
The probability is .1 that a customer entering a food store will buy a can of coffee. If 1,000 customers enter the store, what is the minimum number of cans of coffee the store must have on hand to prevent the probability of running out of coffee from being higher than 5 %?
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Step by Step Answer:
When dealing with large numbers and low probabilities we can approximate the situation using a normal distribution Step 1 Calculate Expected Value Fir...View the full answer
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Related Book For 
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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