e) What is the probability that they will sell all of the cameras that they boughtfrom Nikon if they buy the number you found in part (a)?f) What is the probability that they will be left with 8 or more cameras to returnto Nikon when the next model comes out? CameraWorld is planning to sell the new high-end Nikon mirrorless camera. Thecamera will sell for $5500. Nikon wants to know, in advance, how many they willsell to retail stores and so they have instituted a policy under which stores can onlyplace a single order for the new camera. Nikon sells the camera to CameraWorld for$2000 and offers CameraWorld a $250 credit for any unsold cameras when a newermodel comes out. (The unsold cameras are then returned to Nikon for reprocessingand extraction of critical components that can be reused in subsequent cameras.)CameraWorld estimates that the demand for the camera follows a Poissondistribution with a mean of 15 cameras.a) If CameraWorld wants to maximize its expected profit, how many camerasshould the store buy from Nikon?b) If they buy that many cameras, what is the expected number of cameras thatthey sell before the next model comes out?

Let X be the demand for the camera. Given that X follows Poisson distribution with mean 15 cameras.…

Answered: CameraWorld estimates that the demand…

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...

See similar textbooks

Similar questions

“The incidence of depression among college students is negatively correlated with the number of sunny days each year in the locale where they attend college.” This statement means that: a. a student attending college in a locale with very few sunny days will become depressed. b. if a depressed student were to move to a locale with more sunny days, the student's depression would subside. c. the chances of a college student being depressed tend to increase as the number of sunny days increases. d. the chances of a college student being depressed tend to increase as there are fewer sunny days.
Suppose that the tenth prize of a $1600 tournament will be $100 and each place should be worth approximately 10% more than the next place. Discuss the realistic distribution of prize values if they are rounded to the nearest penny, dollar, five dollars, and ten dollars.
A. Calculate the expected cost of hsinf each antibiotic B. To minimize the total expected cost, which antibiotic should be chose
A statistics professor would like to build a model relating student scores on the first test to the scores on the second test. The test scores from a random sample of 2121 students who have previously taken the course are given in the table. Test Scores Student First Test Grade Second Test Grade 1 8989 7777 2 6060 7373 3 5252 6767 4 4444 6262 5 7474 7373 6 6969 7171 7 4343 6363 8 8080 7878 9 4747 6161 10 7676 7878 11 6565 7575 12 8989 7878 13 7878 7777 14 9696 8181 15 5252 6161 16 9393 8585 17 9090 8080 18 6767 6969 19 4343 6060 20 4848 6161 21 4646 6161 Copy Data Step 1 of 2: Using statistical software, estimate the parameters of the model Second Test Grade=β0+β1(First Test Grade)+εiSecond Test Grade=β0+β1(First Test Grade)+εi. Enter a negative estimate as a negative number in the regression model. Round your answers to 4 decimal places, if necessary.
Matthew the Barber owns a one-chair shop. At barber college, they told Matthew that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of two per hour. It will take Matthew an average of 20 minutes to give a haircut. Based on these figures, find the following: Part (a): The average number of customers waiting. Part (b): The average time a customer waits. Part (c): The average time a customer is in the shop. Part (d): The average utilization of Matthew's time.
A restaurant manager is planning a new layout for the tables in his store. He will be placing tables of 2, tables of 4, and tables of 6 throughout the dining room. To help him decide how many of each he needs, he decides to keep track of all table requests by customers during a 2-week period. Which measure of central tendency would BEST indicate the typical table size needed?
The following are the course grades of a statistics student (in order of performance) from his first year of study: 3, 4, 4, 1, 5, 5, 2, 3, 4. Does the material prove that the student's academic success improved (measured in course grades) as the first academic year progressed?
A study-aid desk staffed by a graduate student has been established to answer students' questions and help in working problems in your OSCM course. The desk is staffed eight hours per day. The dean wants to know how the facility is working. Statistics show that students arrive at a rate of five per hour and the distribution is approximately Poisson. Assistance time averages 10 minutes, distributed exponentially. Assume population and line length can be infinite and queue discipline is FCFS. a. Calculate the percentage utilization of the graduate student. (Round your answer to 1 decimal place.) b. Calculate the average number of students in the system, including the graduate student service desk. (Round your answer to 1 decimal place.) c. Calculate the average time in the system. (Round your answer to 1 decimal place.) d. Calculate the probability of four or more students being in line or being served. (Round your intermediate calculations to 3 decimal places and final answer to…
3. What percentage of College students have made at least one online purchase in the last three months? To answer this question, a market researcher surveyed 200 college students. Of those surveyed, 76 said that they had made at least one online purchase (a.) What is the parameter of interest in this study? (b.) Calculate the corresponding point estimate of the population proport
Consider a 100-point college exam for which there is a large number of students that perform extremely well, as well as a large number of students that perform extremely poorly. Which statement below is true? O The distribution of scores is probably symmetrical. O The distribution of scores probably has a mean close to 75. O The distribution of scores is probably bimodal. O The distribution of scores probably has a median close to 75,
5. The changes in the values of two investment portfolios are modelled as Normal distributions. From day to day, the first investment portfolio changes in value with mean 2.6% and standard deviation 1.8%. From day to day, the second investment portfolio changes in value with mean 2.2% and standard deviation 2.5%. An investor is hoping for growth of at least 4%. Which portfolio is most likely to give growth of 4%?
Question 4 Multi-Server QueueA supermarket manager is trying to decide how many cashers to employ for the peak time. The service times for check outs are exponentially distributed with a mean service time of 3 minutes. Customer arrivals to cashiers follow a Poisson arrival process with an average 110 customers per hour.a. What is the minimum number of cashers that would be needed to have the utilization less than one?b. If the waiting time is too long, customers might leave the store or even do not enter the store. It is estimated that for every minute of waiting time, the supermarket loses a potential profit of 50 HKD every hour from lost sales. The hourly wage for a casher is 80 HKD / hour. How many cashers should the supermarket employ to maximize its profit? (Keep four decimal places.

SEE MORE QUESTIONS

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS