What probability that six people arrive at bike repair shop

Assignment Help Microeconomics
Reference no: EM131005961

1. The number of people arriving at a bicycle repair shop follows a Poisson distribution with an average of 4 arrivals per hour. A given customer who arrives at the shop orders a repair with 70% probability. Let X represent the number of people arriving per hour.

a. What is the probability that six people arrive at the bike repair shop in a given hour? Why?

b. What is the probability that there will be at least 1 arrival within the next hour? Why?

c. What is the probability that two customers arrive within the next hour and just one of them orders a repair? Explain the steps used to arrive at your answers.

2. A restaurant manager classifies customers as regular, occasional, or new. He finds that the fraction of all customers who are regular customers is 50%, the fraction of occasional customers is 40%, and the fraction of new customers is 10%. The manager found that beer was ordered by 80% of the regular customers, 40% of the occasional customers, and 20% of the new customers.

a. What is the probability that a randomly selected customer orders a beer? (Hint: Let A be an event. Let E1, E2,..., EK be mutually exclusive and collectively exhaustive events. Then P (A) = P (A n E1)+P (A n E2)+:::+P (A nEK)).

b. If a customer orders a beer, what is the probability that the person ordering is a regular customer? (Hint: Use Bayes' Theorem) Explain the intuition behind the steps used to arrive at your answer.

Reference no: EM131005961

Questions Cloud

Describe the stakeholder position on health care reform : Select a stakeholder from among the stakeholder groups described in class (Physician) and Describe the stakeholder's position on health care reform
What measures might halcrow take to increase its retention : What measures might Halcrow take to increase its retention of young professional graduates
Determining the seasonal product or service : Surveying the accounts payable records, a clerk in the controller's office noted that expenses appeared to rise significantly within a month of the close of the budget period. The organization did not have a seasonal product or service to explain ..
Find your velocity as you drive toward the landmark : Find your velocity v(t) as you drive toward the landmark. Are you accelerating or decelerating as you approach the landmark? How long will it take you to reach the landmark after entering Nevada?
What probability that six people arrive at bike repair shop : The number of people arriving at a bicycle repair shop follows a Poisson distribution with an average of 4 arrivals per hour. A given customer who arrives at the shop orders a repair with 70% probability. Let X represent the number of people arri..
Overview of the plan you chose for radison company : Company is Radison- "What should diversity plans include?" You will compare that company's diversity plan to the 10 common components of a diversity plan
How many times does the graph cross the x-axis : Find the value of γ for which this IVP is critically damped. Solve the IVP for that value of γ. How many times does the graph of y(t) cross the x-axis?
What or who is driving the innovation : Briefly describe the business and any special features such as suppliers, customers, services, laws, internal factors, knowledge, or similar.
Give the amplitude period and frequency : Write the solution to this IVP in the form y(t) = R cos(ω0 t - θ) and give the amplitude, period, frequency, and phase shift of the resulting motion.

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain what effect will have on the aggregate supply

Suppose the government mandates that all companies over 50 employees must provide an increased level of health care benefits. explain what effect this will have on the aggregate supply curve.

  What are some of the reasons given for this persistence

Present a model with rational expectations and the new Keynesian supply function. If policy makers and the public have the same information, can stabilization policies in a stochastic context affect aggregate demand and output (i) in the short r..

  Define the pension benefit guaranty corporation

The Pension Benefit Guaranty Corporation (PBGC) is a government agency that absorbs pension obligations when a company goes bankrupt or otherwise cannot fulfill its pension obligations to current or former employees. Where is the moral hazard in ..

  Determine the level of ceo

Many stocks and alternatives awarded or charged to CEOs are not indexed to either industry average or to market-wide averages

  The article must be representative of the economic issues

the article must be representative of the economic issues represented by the topics or focus. the article review must

  Computing profit maximizing price of seasonal passes

Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is

  Write down the impacts of innovation and technology on cost

what are the impacts of innovation and technology on the cost of production? how does technology affect market

  Complements of digital cameras are

Owners of digital cameras have to buy memory cards in order to use the cameras. Cameras and memory cards are  substitutes or complements,

  Intermediate microeconomics

Intermediate Microeconomics - ONLY 2 QUESTIONS IN ONE HOUR1.Suppose the demand and supply for milk in the European Union (EU) is given byp = 126 - 0.4Qd and p = 6 + 0.1Qs,

  How many adult tickets did he sell

Been sold some adult tickets and student tickets for a basketball game each adult ticket cost $5 each student ticket cost$3

  How would a homogenous approach arguments

compose an argument for or against the idea that the peasantry constitutes a uniform social category. How would a homogenous approach, a heterogeneous approach, or a differentiation approach that considers political economy support your argument

  Bargaining outcomes and individual preferences

Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd