The Web site for a specialty clothing retailer receives 1,000 hits on a particular day. From past
Question:
The Web site for a specialty clothing retailer receives 1,000 hits on a particular day.
From past experience it has been determined that every 1,000 hits results in 10 large sales of at least $500 and 100 small sales of less than $500. Assuming that all hits have the same probability of a sale, what is the probability of a large sale from a particular hit? What is the probability of a small sale? What is the probability of any sale?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answered By
Collins Omondi
I have been an academic and content writer for at least 6 years, working on different academic fields including accounting, political science, technology, law, and nursing in addition to those earlier listed under my education background.
I have a Bachelor’s degree in Commerce (Accounting option), and vast knowledge in various academic fields Finance, Economics, Marketing, Management, Social Science, Women and Gender, Business law, and Statistics among others.
4+ Reviews
16+ Question Solved
Related Book For 
Statistics For Business And Economics
ISBN: 9780273767060
8th Global Edition
Authors: Paul Newbold, Mr William Carlson, Ms Betty Thorne
Question Posted:
