The following data represents the probabilities associated with sale quantities at a luxury car dealership over a period
Posted: Wed May 11, 2022 1:14 pm
The following data represents the probabilities
associated with sale quantities at a luxury car dealership over a
period:
Px
x
0.35
0
0.15
1
0.15
2
0.2
3
0.15
4
Using the RAND function, the following set of 10 random
numbers were generated to represent 10 weeks of sales:
Week
RAND
1
0.621372728
2
0.23363756
3
0.806676285
4
0.266494136
5
0.284219412
6
0.048349563
7
0.148408954
8
0.175372797
9
0.101084804
10
0.621372728
Do the following:
Week1: $50,000
Week2: 20,000
Etc.
2. Compute the total sales.
3. Compute the average sales.
4. If the cars sell for $150,000 each and a salesman earns 0.5%
commission on each car, what is the total that the company paid in
commission for the 10 weeks?
Show working
associated with sale quantities at a luxury car dealership over a
period:
Px
x
0.35
0
0.15
1
0.15
2
0.2
3
0.15
4
Using the RAND function, the following set of 10 random
numbers were generated to represent 10 weeks of sales:
Week
RAND
1
0.621372728
2
0.23363756
3
0.806676285
4
0.266494136
5
0.284219412
6
0.048349563
7
0.148408954
8
0.175372797
9
0.101084804
10
0.621372728
Do the following:
Week1: $50,000
Week2: 20,000
Etc.
2. Compute the total sales.
3. Compute the average sales.
4. If the cars sell for $150,000 each and a salesman earns 0.5%
commission on each car, what is the total that the company paid in
commission for the 10 weeks?
Show working