Question: More groceries. Suppose the store in Exercise had 312 customers this Sunday.
a) Estimate the probability that the store's revenues were at least $10,000.
b) If, on a typical Sunday, the store serves 312 customers, how much does the store take in on the worst 10% of such days?
Exercise: Groceries. A grocery store's receipts show that Sunday customer purchases have a skewed distribution with a mean of $32 and a standard deviation of $20.
a) Explain why you cannot determine the probability that the next Sunday customer will spend at least $40.
b) Can you estimate the probability that the next 10 Sunday customers will spend an average of at least $40? Explain.
c) Is it likely that the next 50 Sunday customers will spend an average of at least $40? Explain.