Seven customers enter a clothing store and are observed to determine if they will make a purchase. The store owner states that t
here is a 75% chance of a customer making a purchase. The random variable x represents a customer making a purchase. Calculate the mean, variance and standard deviation for the number of customers that make a purchase.
The mean and variance of a binomial distribution with parameters n (number of trials) and p ( the probability of getting success in each trial) is given by :-
Given : The total number of enter a clothing store : n=7
The probability of a customer making a purchase= 0.75
4 different streets with 5 customers on each means 4*5 customers or 20 customers. If he has 20 customers and he gets $10 from each one, thats 20*10. he collected $200