Homework Answers
1st Question is - What is the average revenue of your store per hour?
Answer = Total Hours of store opening = 6
Total customer arrivals = (5+8+12+4+7+1) = 37 in 6 Hours so Average arrival Per Hour = 37/6 =6.16
Average Spent is $ 5 therefore,
Average revenue of the store/Hr is = 6.16*5= 30.83$ Per Hour
2nd Question is - What is the average probability that the next customer will arrive in next 5 minutes
Answer- Total Store opening Hours = 6
in Minutes = 6*60 = 360 Minutes
Average Arrival per minute is 37/ 60 Minutes= 0.61%
Probability for next 5 minutes = 5* 0.61 = 3%
So the answer is 3 % as a probability for the next 5 Minutes.
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6.) what is ecpected revenue per hour
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