Let N be the number of customers that visit a certain store in a given day. Suppose
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Let N be the number of customers that visit a certain store in a given day. Suppose that we know E[N] and Var(N). Let Xi be the amount that the ith customer spends on average. We assume Xi's are independent of each other and also independent of N. We further assume they have the same mean and variance
Let Y be the store's total sales, i.e.,
Find EY and Var(Y).
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Related Book For
Introduction To Probability Statistics And Random Processes
ISBN: 9780990637202
1st Edition
Authors: Hossein Pishro-Nik
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