The Web site for a specialty clothing retailer receives 1,000 hits on a particular day. From past
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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?
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Related Book For
Statistics For Business And Economics
ISBN: 9780273767060
8th Global Edition
Authors: Paul Newbold, Mr William Carlson, Ms Betty Thorne
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