Suppose the number of customers visiting a shoe store follows a Poisson process with a rate of 85 per day. Assume 55 percent of cus- tomers make a purchase. The amount spent by a paying customer follows an exponential distribution with a mean of $105. The two distributions are independent. What is the standard deviation of the total sales per day for the shoe store?
Suppose the number of customers visiting a shoe store follows a Poisson process with a rate of 85 per day. Assume 55 percent of cus- tomers make a purchase. The amount spent by a paying customer follows an exponential distribution with a mean of $105. The two distributions are independent. What is the standard deviation of the total sales per day for the shoe store?
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...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON