On the basis of past experience, the store manager of a clothing store estimates the probability that any one customer will make a purchase is 30%. What is the probability that exactly one of next three customers will make a purchase. Suppose that next month the store forecasts 1000 customers will enter the store, what is the expected number of customer who will make a purchase? For the next 1000 customers entering the store, the variance for the number of customer who will make a purchase is:

At a certain large company, the floor manager reviewing inventory and production. She ultimately comes to the decision that a product should be continued if it sold 150,000 times over the previous year. In addition, the product is considered “popular” if it receives at least 100 mentions by the local press over the past year. An analyst is hired to help with the analysis.  The analyst determines that the probability of sales exceeding 150,000 was 0.331, the probability of 100 or more mentions was 0.162, and the probability that a product both sold 150,000 items, and was also ‘popular’ is 0.064. What is the probability that a randomly selected product either sold the requisite 150,000 items, or that it is ‘popular’? Again, phrase your answers in terms of probability variables (e.g. P(X) = ...,  P(Y)=... etc.) If we are told that an item has indeed reached the threshold of 100 mentions in the press, what is the probability of it selling 150,000 times?  Thought Question: Where would the…