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Johnson has recently opened his workshop at the main street of a major city in the...

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Statistics

Johnson has recently opened his workshop at the main street of amajor city in the North East. Johnson estimates about 20 carsarriving at his workshop for repairs every day. Based on industrydata, he estimates that 40% of the arrivals will agree to have thework repaired at his workshop. His average daily cost at theworkshop is $1200. He expects to make a revenue of $200 for eachcar that is repaired. Johnson would like to know the followinginformation: a) The probability that no car will arrive at hisworkshop for repair on a given day. b) The probability that he willhave at least 4 cars to repair on a given day. c) The expecteddaily profit assuming that he is able to repair all the arrivingcars in a day. d) Develop a probability distribution for thisproblem.

Answer & Explanation Solved by verified expert
4.1 Ratings (573 Votes)
DistributionPoissonFormula PX xexxwhere P Probability X Poisson    See Answer
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