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...
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Transcribed Image Text: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?
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