As a manager of a shop, you have an access to the past sales…
As a manager of a shop, you have an access to the past sales data, which indicates that the daily average sales is $800 with the standard deviation $120. Suppose the breakeven sales target of this month is $10,000 and there are 16 business days for the shop on this month. Then, the probability that the sales break even can be approximated by
Read DetailsA pop-up coffee stand charges $3 per cup of coffee they sell…
A pop-up coffee stand charges $3 per cup of coffee they sell. The daily demand (in number of cups sold) has mean 200 and standard deviation of 20. The cost of daily operation is $200. Compute the following. mean of the daily profit = [a] standard deviation of the daily profit = [b]
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