A car salesperson states that on an average two customers will buy a car from her every

Question:

A car salesperson states that on an average two customers will buy a car from her every month.

Assume that the probability distribution of the number of months a customer will buy a car from her is exponentially distributed.

a. Calculate the probability that a customer will buy a car from her in less than three months.

b. What is the probability that a customer will buy a car from her in more than two months?

c. Calculate the probability that a customer will buy a car from her between 2 and 2.5 months.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Statistics

ISBN: 9781292220383

10th Global Edition

Authors: David Groebner, Patrick Shannon, Phillip Fry

See More Books

Question Posted: Sep 19, 2024 06:01 PM

See More Questions

Bloomberg Intelligence listed 50 companies to watch in 2018 (www .bloomberg.com/features/companies-to-watch-2018). Twelve of the companies are listed here with their total assets and 12-month sales....
Hitachi products are well known in the United States, as well as in Europe and Asia. However, in an effort to maintain its international momentum, the Japanese MNC is continuing to push forward into...
1. P = 51.0 psi, P' = 65.3 psi, D' = 0.231 Ib/ft3; find D. 2. Some air at 22.5 psi occupies 1400in3. What is its volume at 18.0 psi? 3. Some nitrogen at a pressure of 110.0 kPa occupies 185 m3. Find...
A car salesperson states that on an average two customers will buy a car from her every month. Assume that the probability distribution of the number of months a customer will buy a car from her is...
Return to the Kilroy Paper Company example introduced in this chapter. Upon further consideration, the logistics manager points out that the trucks do not make an equal number of trips to the various...
P7-5B The ledgers of Campo Leathers Inc. 2008 (its year-end). contain the following balances as of January 31, Prepare a multiple-step income statement and analyze profitability. (SO 7) (a) Net...
The average time taken by a phone operator to complete a call is 4 minutes. Assume that the time is exponentially distributed. Find the probability that a phone operator took: a. more than 6 minutes...
A car is running on petrol. The time that particular car can go on before it is running out of petrol is exponentially distributed with the average of 50 minutes. a. The next petrol station is less...
The author of Modern Advanced Accounting takes the position (page 27) that salaries awarded to partners of a limited liability partnership should be recognized as operating expenses of the...
A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $16 per hour. a. The worker's opportunity set in a given 24-hour period is illustrated below.What are...
Question 26 [2 points} Using expansionary policies to combat a recession would 0 increase a budget deficit. 0 increase a budget surplus. 0 decrease discretionary spending. 0 increase federal revenue....
To analyze a complex negotiation (work, personal, or historical) To apply negotiation course concepts in your analysis. These objectives, while straightforward, are critical to your learning....
What Would You Do? Michael Michael is a student in your fifth-grade class. His father passed away in an automobile accident last year. Before his father's death Michael always did well in school and...
Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet....
These two waves travel along the same string: y1(x, t) = (4.60 mm) sin (2x 400t) y2(x, t) = (5.60 mm) sin (2x 400t + 0.80 rad). What are? (a) The amplitude and (b) The phase angle (relative to wave...
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
A random sample of small-business managers was given a leadership style questionnaire. The results were scaled so that each manager received a score for initiative. Suppose the following data are a...
A random sample of small-business managers was given a leadership style questionnaire. The results were scaled so that each manager received a score for initiative. Suppose the following data are a...
Is the environment a major issue with Americans? To answer that question, a researcher conducts a survey of 1255 randomly selected Americans. Suppose 714 of the sampled people replied that the...

A car salesperson states that on an average two customers will buy a car from her every

Question:

Step by Step Answer:

Business Statistics

Students also viewed these Business questions