Customers arrive at a store according to a Poisson process of rate customers per hour
Chapter 9, Problem 31(choose chapter or problem)
Customers arrive at a store according to a Poisson process of rate customers per hour. Each makes a purchase with probability p, independently. Given that a customer makes a purchase, the amount spent has mean (in dollars) and variance 2. (a) Find the mean and variance of how much a random customer spends (note that the customer may spend nothing). (b) Find the mean and variance of the revenue the store obtains in an 8-hour time interval, using (a) and results from this chapter. (c) Find the mean and variance of the revenue the store obtains in an 8-hour time interval, using the chicken-egg story and results from this chapter.
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