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1. Lunch customers arrive at Noodles & Company restaurant at the average rate of 2.8 per minute.

Define X to be the number of customers to arrive during a randomly selected minute during the
lunch hour and assume that X has a oisson robability distribution.
a. Calculate the probability that exactly 4 customers !ill arrive in a minute during the lunch
hour.
b. Calculate the probability that at most 6 customers !ill arrive in a minute during the lunch
hour.
c. Calculate the probability that at least 3 customers !ill arrive in a minute during the lunch
hour.
d. Calculate the probability that no customer !ill arrive during a randomly selected minute
during the lunch hour.
e. "hat is the average customer arrival rate for a 1# minute interval$
f. Calculate and interpret the standard deviation for X.
g. %or !hat purpose can the management of the Noodles & Company use the &ind of
information you have calculated above$ lease e'plain.
2. (he default rate on government) guaranteed student loans at a certain private *)year college is
18+. (he college is planning to e'tend 12 such loans. ,f !e let X represent the number of loans
paid bac& on time-
a. "hat is the probability that none of the students !ill default$ lease sho!.e'plain ho! you
determined the ans!er to this /uestion.
b. "hat is the probability that e'actly * loans !ill default$
c. "hat is the probability that at least 1# out of the 12 loans !ill be paid bac& on time$ lease
sho!.e'plain ho! you determined the ans!er for this /uestion.
d. "hat is the probability that no more than * loans !ill be paid bac& on time$ lease
sho!.e'plain ho! you determined the ans!er for this /uestion.
e. lease calculate the expected number of defaults$ lease sho! your steps.
f. lease calculate and interpret the standard deviation of the number of loans paid bac& time
0X1$ lease sho! your steps
2. 3ven though independent gasoline stations have been having a difficult time4 5usan 5olomon has
been thin&ing about starting her o!n independent gasoline station. 5usan6s problem is to decide
ho! large her station should be. (he annual returns !ill depend on both the si7e of her station and
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a number of mar&eting factors related to the oil industry and demand for gasoline. 8fter a careful
analysis 5usan developed the follo!ing payoff table.
9ar&et Condition
:ood oor
5mall ;8#4### ;<#4###
Decision
8lternative 9edium ;12#4### ;*#4###
Large ;22#4### ;)1#4###
=ery large ;21#4### ;)1##4###
robability #.* #.<
a. "hat is the ma'imum amount 5usan should be !illing to pay for a perfect forecast of the
state of the mar&et$
b. 5ince perfect forecast of the state of the mar&et is impossible 5usan is considering hiring a
mar&et consultant !ho in the past accurately predicted a good mar&et >#+ of the time. (he
consultant also has a history of accurately predicting a poor mar&et 8#+ of the time. 5he
charges ;1#4### for the mar&et survey service. "hat is the ma'imum amount 5usan should
be !illing to pay for the consultant6s mar&et survey$ 5hould 5usan hire the consultant$
lease calculate the efficiency of the survey relative to perfect forecast and briefly describe
!hat it means. 5ho! all your steps in solving this problem.
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