softy:

oooooooooooh my gosh, I need to go back to class of mathematics ASAP!!!, lol.

ronkebp:

I know jare, i am more of an art/ business person, and seeing maths cropping up under a disguise ''statistics'' is making me have goose bumps all over.

Miss_Ife:


2/The probability is still 1/2, the previous "events" do not influence the result. In terms of probability, whether you flip a coin for the 150th time or the first time, there is always just 1/2 chance for it to show tail.

jay bee:

What are you studying if I may ask?

sauer:

Is the coin a fair coin?

ronkebp:

MBA with a concentration in finance, did my first masters in Human resources, this is my second, i no know who send me job gan sef.

ronkebp:

Coin dey fair or black?

jay bee:

Oh ok.
You will always need maths in your daily life sha maybe not as extensive as some of us do but please endure the pain now so you can enjoy the gain later on.

ronkebp:
Hey guys, please i need the maths gurus in the house to help out with this problem, i know it is the simplest of all, but my head too rust to even think right now. infact there are two questions so enjoy!!!

1. Let's say you run a small retail shop in a shopping mall and you are considering whether or not you will stay open on a Saturday morning. You know that a customer on entering the store it likely to make a purchase of $10.00 or more 35% of the time. The remainder of the time they will look around and leave without making a purchase. Your shop draws about 15% of total shoppers on any given day. You also expect from information that you have gathered from mall sources that there are about 500 people in the mall on a Saturday morning. You know you need to have about $300.00 in revenue to cover expenses and profit for a half day on Saturday morning and the question is should you open the shop? ( What is the probability that at least 30 shoppers entering your store of the total will make a purchase of $10.00 or more?)

2.
Let's ask a binomial question, folks. Let's say that you have flipped a coin 25 times and the results are Heads 15, Tails 10. What is the probability of obtaining a Tail on the next flip of the coin? That's one, now to what characteristics are present in a binomial process that ensures this result?

thanks guys.

ronkebp:

^^^^ hmmmmm!!! i don hala!!!
''unbiased coin''
Thank you jare, this is actually my last semester. I don try, i am on to the next level.

ronkebp:

Hey guys, please i need the maths gurus in the house to help out with this problem, i know it is the simplest of all, but my head too rust to even think right now. infact there are two questions so enjoy!!!

1. Let's say you run a small retail shop in a shopping mall and you are considering whether or not you will stay open on a Saturday morning. You know that a customer on entering the store it likely to make a purchase of $10.00 or more 35% of the time. The remainder of the time they will look around and leave without making a purchase. Your shop draws about 15% of total shoppers on any given day. You also expect from information that you have gathered from mall sources that there are about 500 people in the mall on a Saturday morning. You know you need to have about $300.00 in revenue to cover expenses and profit for a half day on Saturday morning and the question is should you open the shop? ( What is the probability that at least 30 shoppers entering your store of the total will make a purchase of $10.00 or more?)

For the first question, I believe it's binomial probability distribution. If you assume that one shopper's purchase is an independent event, then p = 0.35 (success) and failure is 0.65.
If the shop draws 15% of total shoppers in a day, then it'll attract 15/100 * 500 = 75 shoppers.

In order to make a revenue of 300dollars, you need at least 30 people to purchase goods worth $10 or more. So, the question is in effect probability of 30 or more shoppers buying $10 or more. If this probability is strong enough, then you can take chances by opening the shop.
So you'd calculate

P(x>=30) = p(x=30) + p(x=31) + . . . . . + p(x=75).
p(x=r) = nCr (p)^r . (q)^n-r

using some binomial calculator available online
p(x>=30) = 0.2144

this probability is too small for you to open the shop on saturdays!

kola oloye:

@OP
Wait let me phone a friend

blank:


Yep
Remember to always use your plagiarism checker.

LWKMD!

@OP

What kinda coins are u flipping like that

Pence/Pound, Cent or Kobo?

sauer:

For the first question, I believe it's binomial probability distribution. If you assume that one shopper's purchase is an independent event, then p = 0.35 (success) and failure is 0.65.
If the shop draws 15% of total shoppers in a day, then it'll attract 15/100 * 500 = 75 shoppers.

In order to make a revenue of 300dollars, you need at least 30 people to purchase goods worth $10 or more. So, the question is in effect probability of 30 or more shoppers buying $10 or more. If this probability is strong enough, then you can take chances by opening the shop.
So you'd calculate

P(x>=30) = p(x=30) + p(x=31) + . . . . . + p(x=75).
p(x=r) = nCr (p)^r . (q)^n-r

using some binomial calculator available online
p(x>=30) = 0.2144

this probability is too small for you to open the shop on saturdays!

Yorisb:

LWKMD!

@OP

What kinda coins are u flipping like that

Pence/Pound, Cent or Kobo?

sauer:

the probability that more than 30 customers will shop is simply p(x>30) and follows from earlier
p(x>30) = p(x>=31)
using some binomial calculator
p(x>=31) = 0.1518

This is even lower!

ronkebp:

Thank you Sauer, i appreciate it.

armyofone:

lol, adding nairaland to your reference good fa

Miss Ife, i have added all you math solvers to my list

ronke, hope say your professor never ask you question before Sauer put his there

Sauer, can i also contact you with my pg math eh?
thanks for helping by the way.

sauer:

^^yes you can! . . . .I collect only GBP

Obinoscopy:

I'm kind of busy right now but will give you the answer and the workings later.

ronkebp:


2.
Let's ask a binomial question, folks. Let's say that you have flipped a coin 25 times and the results are Heads 15, Tails 10. What is the probability of obtaining a Tail on the next flip of the coin? That's one, now to what characteristics are present in a binomial process that ensures this result?

Obinoscopy:

That your second question is not a binomial question but an advanced form of distribution that is derived from binomial. This is because the probability of what the next toss of a coin would be follows a geometric distribution. Would solve it later.