Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. a shopkeeper hires vacuum cleaners to the general

A shopkeeper hires vacuum cleaners to the general public at 5$ per day. The mean daily...

60.1K

Verified Solution

Question

Statistics

A shopkeeper hires vacuum cleaners to the general public at 5$per day. The mean daily demand is 2.6. Suppose the demand followsPoisson distribution. (a) Calculate the expected daily income fromthis activity assuming an unlimited number of vacuum cleaners isavailable (b) Find the probability that the demand on a particularday is: 0, exactly 1, exactly 2, exactly 3 or more than 3; (c) Ifonly 3 vacuum cleaners are available for hire calculate the mean ofthe daily income. A nearby large store is willing to lend vacuumcleaners at short notice to the shopkeeper, so that she is able tomeet the demand. However, this shop will charge £2 per day for thisservice regardless of how many, if any, cleaners are borrowed.Would you advice the shopkeeper to take this offer?

Answer & Explanation Solved by verified expert
3.7 Ratings (513 Votes)
Solution NOTE The question gives two monetary units A shopkeeper hires vacuum cleaners to the general public at 5 per day this shop will charge 2 per day for this service is taken as the common monetary unit Backup Theory If a random variable X Poisson ie X has Poisson Distribution with mean then probability mass function pmf of X is given by PX x e xx    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A surveyor measures the sides of a triangular lot to be a = 145 feet,...

Calculus
Q

Mary, the director of nursing at a regional blood bank, is concerned about the declining number...

Medical Sciences
Q

A 1 3 -kg mass is attached to a spring with stiffness 4 N/m. The damping...

Physics
Q

When a horse and donkey mate they produce a mule which is infertile This is...

Biology
Q

If ATP breakdown (hydrolysis) is inhibited, which of the following types of movement across cell...

Biology
Q

"A pillar that connects earth to heaven and the four compass directions to one another."...

Biology
Q

Use AB BC and AC as the side lengths sin B A cos B tan...

Basic Math
Q

Provide an appropriate response If an individual is selected at random what is the probability...

Statistics
Q

necesito un resumen de estos datos. 2.1.2anlisis horizontal (trend analysis or horizontal analysis) tambin llamado...

Accounting
Q

Flint Corporation uses a periodic inventory system. Its records show the following for the month...

Accounting
Q

Depreciation of factory equipment would be classified as: a. indirect materials b. manufacturing...

Accounting
Q

Cairns owns 80 percent of the voting stock of Hamilton, Inc. The parent's interest was...

Accounting