A bookstore is planning to open a new store at Morabadi ground near Ranchi University that houses 10000 students, staff and faculty. Three other stores – Bookcabinet, Kitab Ghar and Pushtak Kendra – also sell books in the nearby locality. The findings of a survey observed that Ranchi University fraternity are very particular about the time they spend in travel for shopping. In case of books this was found to be 2.5. The store at Morabadi is three kilometers away from Ranchi University and has an area of 5000 sq.ft. for the books and it takes 15 minutes to reach the shop from university. On the other hand, Bookcabinet with 1000 sq.ft. store size (time taken = 20 min), Kitab Ghar with 2500 sq.ft. store size (time taken = 12 min) and Pushtak Kendra with 500 sq.ft. size (time taken = 6 min) are located five kilometers, three kms and one kilometer away from Ranchi University, respectively. a) What is the probability that members of Ranchi University will shop at the new book store at Morabadi. b) Further forecast the number of students, staff and faculty who will buy their books at Morabadi. c) Also, determine the sales forecast for the Morabadi bookstore, Bookcabinet, Kitab Ghar and Pushtak Kendra, assuming that each customer will spend an average of INR 150 on books.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A bookstore is planning to open a new store at Morabadi ground near Ranchi University that houses 10000 students, staff and faculty. Three other stores – Bookcabinet, Kitab Ghar and Pushtak Kendra – also sell books in the nearby locality. The findings of a survey observed that Ranchi University fraternity are very particular about the time they spend in travel for shopping. In case of books this was found to be 2.5. The store at Morabadi is three kilometers away from Ranchi University and has an area of 5000 sq.ft. for the books and it takes 15 minutes to reach the shop from university. On the other hand, Bookcabinet with 1000 sq.ft. store size (time taken = 20 min), Kitab Ghar with 2500 sq.ft. store size (time taken = 12 min) and Pushtak Kendra with 500 sq.ft. size (time taken = 6 min) are located five kilometers, three kms and one kilometer away from Ranchi University, respectively. a) What is the probability that members of Ranchi University will shop at the new book store at Morabadi. b) Further forecast the number of students, staff and faculty who will buy their books at Morabadi. c) Also, determine the sales forecast for the Morabadi bookstore, Bookcabinet, Kitab Ghar and Pushtak Kendra, assuming that each customer will spend an average of INR 150 on books.

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