Consider a Poisson Distribution with an Average of 3 Customers

question 45

Multiple Choice

Consider a Poisson distribution with an average of 3 customers per minute at the local grocery store.If X = the number of arrivals per minute: Find the probability of 10 customers or less arriving within a minute.

• A).9998
• B).9990
• C).0008
• D).0498

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Definitions:

Price Per Bag

The cost associated with purchasing a single bag of a product, often used in the context of groceries or bulk items.

Demand and Supply of Wheat

The relationship between how much wheat consumers are willing to buy at certain prices and how much wheat producers are willing to sell at those prices.

Temporary Price

A price level set for a product or service for a short period of time before it is adjusted.

Surplus

The amount by which the quantity of a product supplied exceeds the quantity demanded at a specific price, often leading to a decrease in price.