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The number of customers visiting a hotdog stand is distributed according to a Poisson...
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable...
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable with λ 20 customers/day, that is to say X ~ Poisson(A 20) The hotdog vendor purchases each hotdog (including bun and condiments) for $2 each, and sells them for $5. What is the expected daily profit or loss for the hotdog vendor if he purchases 30 hotdogs each day?
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable...
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable with λ 20 customers/day, that is to say X ~ Poisson(A 20) The hotdog vendor purchases each hotdog (including bun and condiments) for $2 each, and sells them for $5. What is the expected daily profit or loss for the hotdog vendor if he purchases 30 hotdogs each day?
The number of customers entering a store on a given day is Poisson distributed with mean...
The number of customers entering a store on a given day is Poisson distributed with mean 150 . The amount spent in the store by a customer is exponential with mean 200. The amount spent is independent from number of customers . Estimate the probability that the store takes in at least $20,000. Leave the answer in terms of the distribution of he standard normal random variable.
A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog,...
A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog, he spends $13.00 in the raw material. Additionally he spends $1.51 for packing each hotdog and monthly $58.00, $25.00, $10.00 as food truck rent, electricity and other expenses respectively. Lost sales are charged at $5.00 per lost sale. Leftover hotdogs can be sold for $3. On a particular day in June 108.00 people came wanting to buy a hotdog. Determine the vendor's profit for...
Customers enter a store according to a Poisson process of rate λ = 5 per hour....
Customers enter a store according to a Poisson process of rate λ = 5 per hour. Independently, each customer buys something with probability p = 0.8 and leaves without making a purchase with probability q = 1 − p = 0.2. Each customer buying something will spend an amount of money uniformly distributed between $1 and $101 (independently of the purchases of the other customers). What are the mean and the standard deviation of the total amount of money spent...
Customers arrive at bank according to a Poisson process with rate 20 customers per hour. The bank...
Customers arrive at bank according to a Poisson process with rate 20 customers per hour. The bank lobby has enough space for 10 customers. When the lobby is full, an arriving customers goes to another branch and is lost. The bank manager assigns one teller to customer service as long as the number of customers in the lobby is 3 or less. She assigns two tellers if the number is more than 3 but less than 8. Otherwise she assigns...
solve all the questions. of customers arriving t a cetn chckut co r wa Pos th...
solve all the questions.
of customers arriving t a cetn chckut co r wa Pos th a mcan of 0.6 customens px minute 1E heop is the probability that the first customerw arve etve 905 Api 3e b)1-Se The manager of a bakery knows that the daily demand ( the number of chocutate ckes e can sell on any given day) is a random variable X, having the following papbabifity distribution # of cakes X he can sell per day...
I have a solution, but don't know how to get it:
I have a solution, but don't know how to get it:
3. A businessman purchases perishable commodities in the wholesale market at $10 each and sells them on the retail market at $15 each. He hence makes a profit of $5 for every unit he sells. But the commodities are perishable and so any units unsold at the end of the day are discarded and he incurs a loss of $10 on each unit he discards. (I've chosen toy numbers...
Annual demand for number 2 pencils at the campus store is normally distributed with mean 1,000...
Annual demand for number 2 pencils at the campus store is normally distributed with mean 1,000 and standard deviation 250. The store purchases the pencils for 6 cents each and sells them for 20 cents each. There is a two-month lead time from the initiation to the receipt of an order. The store accountant estimates that the cost in employee time for performing the necessary paperwork to initiate and receive an order is $20, and recommends a 22 percent annual...
Case Overview: You are an intelligent ten-year-old child who wants to start a lemonade stand. You...
Case Overview:
You are an intelligent ten-year-old child who wants to start a
lemonade stand. You live in Duluth, Minnesota in a middle class
neighborhood, with all of the benefits and constraints of a typical
child of that age. As a start, you have outlined three possible
business plans:
Fresh Squeezed Plan:
Your mother has agreed to loan you $5 to get your fresh squeezed
lemonade stand started and she will let you use her lemon squeezer
at no charge,...
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable with λ 20 customers/day, that is to say X ~ Poisson(A 20) The hotdog vendor purchases each hotdog (including bun and condiments) for $2 each, and sells them for $5. What is the expected daily profit or loss for the hotdog vendor if he purchases 30 hotdogs each day?
The number of customers visiting a hotdog stand is distributed according to a Poisson random variable with λ 20 customers/day, that is to say X ~ Poisson(A 20) The hotdog vendor purchases each hotdog (including bun and condiments) for $2 each, and sells them for $5. What is the expected daily profit or loss for the hotdog vendor if he purchases 30 hotdogs each day?
A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog, he spends $13.00 in the raw material. Additionally he spends $1.51 for packing each hotdog and monthly $58.00, $25.00, $10.00 as food truck rent, electricity and other expenses respectively. Lost sales are charged at $5.00 per lost sale. Leftover hotdogs can be sold for $3. On a particular day in June 108.00 people came wanting to buy a hotdog. Determine the vendor's profit for...
solve all the questions.
of customers arriving t a cetn chckut co r wa Pos th a mcan of 0.6 customens px minute 1E heop is the probability that the first customerw arve etve 905 Api 3e b)1-Se The manager of a bakery knows that the daily demand ( the number of chocutate ckes e can sell on any given day) is a random variable X, having the following papbabifity distribution # of cakes X he can sell per day...
I have a solution, but don't know how to get it:
3. A businessman purchases perishable commodities in the wholesale market at $10 each and sells them on the retail market at $15 each. He hence makes a profit of $5 for every unit he sells. But the commodities are perishable and so any units unsold at the end of the day are discarded and he incurs a loss of $10 on each unit he discards. (I've chosen toy numbers...
Case Overview:
You are an intelligent ten-year-old child who wants to start a
lemonade stand. You live in Duluth, Minnesota in a middle class
neighborhood, with all of the benefits and constraints of a typical
child of that age. As a start, you have outlined three possible
business plans:
Fresh Squeezed Plan:
Your mother has agreed to loan you $5 to get your fresh squeezed
lemonade stand started and she will let you use her lemon squeezer
at no charge,...
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