Ask Statistics and Probability Expert

Supermarket customers load their carts with goods totaling between $5 and $200 uniformly (continuously) distributed; call this the raw order amount. Assume that customers purchase independently of each other. At checkout 63% of customers have a loyalty card that gives them 4% of their raw order amount. Also at checkout, 18% of customers have coupons that give them 7% of their raw order amount. These two discounts occur independently of each other, and a given customer could have one or the other of them, both of them or neither of them, to get to their net order amount (what they actually pay). Construct a spreadsheet simulation to simulate 100 customers and collect statistics on the net order amount; these statistics should include the average, standard deviation, minimum, maximum, and a histogram to describe the distribution of the net amounts between $0 and $200. (HINT: to decided whether a customer gets a loyalty discount, explore the Excel IF function with the first argument's being a random number RAND() distributed uniformly between 0 and 1; do similarily to decide on a coupon discount.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M91115001

Have any Question?


Related Questions in Statistics and Probability

Introduction to epidemiology assignment -assignment should

Introduction to Epidemiology Assignment - Assignment should be typed, with adequate space left between questions. Read the following paper, and answer the questions below: Sundquist K., Qvist J. Johansson SE., Sundquist ...

Question 1 many high school students take the ap tests in

Question 1. Many high school students take the AP tests in different subject areas. In 2007, of the 144,796 students who took the biology exam 84,199 of them were female. In that same year,of the 211,693 students who too ...

Basic statisticsactivity 1define the following terms1

BASIC STATISTICS Activity 1 Define the following terms: 1. Statistics 2. Descriptive Statistics 3. Inferential Statistics 4. Population 5. Sample 6. Quantitative Data 7. Discrete Variable 8. Continuous Variable 9. Qualit ...

Question 1below you are given the examination scores of 20

Question 1 Below you are given the examination scores of 20 students (data set also provided in accompanying MS Excel file). 52 99 92 86 84 63 72 76 95 88 92 58 65 79 80 90 75 74 56 99 a. Construct a frequency distributi ...

Question 1 assume you have noted the following prices for

Question: 1. Assume you have noted the following prices for paperback books and the number of pages that each book contains. Develop a least-squares estimated regression line. i. Compute the coefficient of determination ...

Question 1 a sample of 81 account balances of a credit

Question 1: A sample of 81 account balances of a credit company showed an average balance of $1,200 with a standard deviation of $126. 1. Formulate the hypotheses that can be used to determine whether the mean of all acc ...

5 of females smoke cigarettes what is the probability that

5% of females smoke cigarettes. What is the probability that the proportion of smokers in a sample of 865 females would be greater than 3%

Armstrong faber produces a standard number-two pencil

Armstrong Faber produces a standard number-two pencil called Ultra-Lite. The demand for Ultra-Lite has been fairly stable over the past ten years. On average, Armstrong Faber has sold 457,000 pencils each year. Furthermo ...

Sppose a and b are collectively exhaustive in addition pa

Suppose A and B are collectively exhaustive. In addition, P(A) = 0.2 and P(B) = 0.8. Suppose C and D are both mutually exclusive and collectively exhaustive. Further, P(C|A) = 0.7 and P(D|B) = 0.5. What are P(C) and P(D) ...

The time to complete 1 construction project for company a

The time to complete 1 construction project for company A is exponentially distributed with a mean of 1 year. Therefore: (a) What is the probability that a project will be finished in one and half years? (b) What is the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As