A Flower Shop Has One Employee in the Front of the Store

question 33

Essay

A flower shop has one employee in the front of the store to sell flowers out of a cooler. On Saturdays customers arrive every six minutes, on average. The employee can serve a customer every five minutes, on average. The owner of the store feels that if there are more than four customers in the store at one time, additional customers may not come in because the wait appears too long.
a. What is the chance of four or more customers being in the store at one time?
b. What is the total time (in minutes) a customer spends in the store?
c. What is the average number of customers in the store?

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Definitions:

Price Appreciation

The increase in the market value of an asset over time, often resulting from economic factors, demand, and market conditions.

Savings Banks

Financial institutions primarily engaged in accepting savings deposits and paying interest to depositors.

Business Lending

The process by which businesses obtain funds through loans or lines of credit from banks or other financial institutions to finance their operations or expansion.

Home Mortgage Lending

The process by which banks and other financial institutions loan money to consumers for the purpose of purchasing homes, using those homes as collateral for the loans.