A clothing store owner opens a new boutique and is working on a 3-day forecast of sales during the grand opening of the boutique. The owner determines that there is a 40% probability that customers will visit the store and make a purchase, which means 60% will visit the store and not make a purchase. How do you determine the probability that customers will visit and make a purchase on 0, 1, 2, or 3 of the days?© BrainMass Inc. brainmass.com June 4, 2020, 2:51 am ad1c9bdddf
Here we have a binomial distribution with the number of trials n=3 and probability of success (the customers will visit the store and make a purchase) is ...
Probability distribution for a new boutique is examined.