A shop sells newspapers for a profit of 0.5%. His sales for the month of January were $8341.50. How much of this is profit?
1 answer:
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Answer:
(a) The expected number of should a salesperson expect until she finds a customer that makes a purchase is 0.9231.
(b) The probability that a salesperson helps 3 customers until she finds the first person to make a purchase is 0.058.
Step-by-step explanation:
Let<em> </em>the random variable <em>X</em> be defined as the number of customers the salesperson assists before a customer makes a purchase.
The probability that a customer makes a purchase is, <em>p</em> = 0.52.
The random variable <em>X</em> follows a Geometric distribution since it describes the distribution of the number of trials before the first success.
The probability mass function of <em>X</em> is:
The expected value of a Geometric distribution is:
(a)
Compute the expected number of should a salesperson expect until she finds a customer that makes a purchase as follows:
This, the expected number of should a salesperson expect until she finds a customer that makes a purchase is 0.9231.
(b)
Compute the probability that a salesperson helps 3 customers until she finds the first person to make a purchase as follows:
Thus, the probability that a salesperson helps 3 customers until she finds the first person to make a purchase is 0.058.