The Average Amount Customers at a Certain Grocery Store Spend

question 77

Short Answer

The average amount customers at a certain grocery store spend yearly is $647.87. Assume the variable is normally distributed. If the standard deviation is $98.39, find the probability that a randomly selected customer spends less than $677.39.

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Definitions:

Demand Conditions

The factors affecting the desire of consumers to purchase a product or service, including price, income levels, and preferences.

Competitive Price-Searcher

A market participant who must examine prices set by competitors to determine their own pricing strategy due to a lack of fixed market price.

Future

A term referring to events that have not yet occurred or the time period in which these events will happen.

Market

A place or system where buyers and sellers interact to exchange goods, services, or information, determining prices through supply and demand.