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A salesperson who sells an appliance to small businesses calls on 4 potential buyers every day. Based on historical information, the probability of making a
A salesperson who sells an appliance to small businesses calls on 4 potential buyers every day. Based on historical information, the probability of making a sale is 12% for every potential buyer. Potential buyers' decisions are are assumed to be independent. Let the random variable X be the total count of successful sales that the salesperson makes on a given day.
- What is the probability that the salesperson fails to make any sales on a given day?
- What is the probability that the salesperson makes multiple sales (more than one) on a given day?
- If the selling price of the appliance is $999, what is probability that the revenue from the salesperson's sales exceeds $1000 on a given day?
- Calculate the expected number and standard deviation of successful sales on a given day.
- Assuming again that the selling price of the appliance is $999, what is the expected revenue from the salesperson's sales for a 5-day workweek?
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