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Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.

Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.

Database System Concepts
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.
Transcribed Image Text:Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. Question: What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: 1) the profit of each car, and 2) the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs. Basically, you will only need to modify your code in Question (1) a bit and wrap everything in a function.
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