A Telemarketer Knows That, on Average, He Is Able to Make

question 20

Essay

A telemarketer knows that, on average, he is able to make three sales in a 30-minute period. Suppose the number of sales he can make in a given time period is Poisson distributed.
A) What is the probability that he makes exactly four sales in a 30-minute period?
B) What is the probability that he makes at least two sales in a 30-minute period?
C) What is the probability that he makes five sales in an hour-long period?

• A) What is the probability that he makes exactly four sales in a 30-minute period?
• B) What is the probability that he makes at least two sales in a 30-minute period?
• C) What is the probability that he makes five sales in an hour-long period?

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Definitions:

Marginal Revenue Product

The additional revenue generated by employing one more unit of a factor, such as labor or capital.

Firm's Demand

The total quantity of goods or services that a company anticipates selling at a certain price level within a specific time frame.

Land

The surface of the earth not covered by water, recognized as a factor of production in economics, including natural resources and space for activities.

Source of Profit

The origin from which a business or economic activity generates earnings, often through the production of goods, provision of services, or investment activities.