On a typical spring afternoon customers enter a bookstore, Ask an Expert

Economics

On a typical spring afternoon, customers enter a bookstore at a rate of 100 per hour.

a. What is the value of λ, defined as the average rate of customers per minute?

b. In 15 minutes, what is the a) expected value and b) standard deviation of the number of customers entering the store?

c. In a 2 minute period, what is the probability of 1 or less customers entering the store?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M946523

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