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.

no mathematicians in the house?? Abeg na, make una save a soul oooo!!!!

Ok, let me try that one, though my head is rusty too

1/ Your shop draws 15% of total customer on any given day, which make 0.15*500 = 75 customers on saturday mornings
Out of those 75 customers only 35% will make a purchase of 10$ or more, which means 75*0.35= 26.25 customers
therefore, statistically, you'd make a minimum of 26.25*10=262.25$ per saturday morning.
This is just under 300$, but this is a minimum (10$ or more) so you'd probably need to calculate it again with the average amount customers spend in the shop to know if you would make profit or not.

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.

now, tell me, why those maths, ronke?

Mathematically speaking, , even tho i'm no (longer a) math guru, Answer to the first question is 87.5%.
Analysis :500 people (total shoppers) enter the mall per Saturday morning; and your shop draws 15% any given day therefore you'd have 15% of 500= 75 people.
Now 35% of those 75 people will make a purchase of 10 bucks or more hence which gives 26.5 people making the payment.

Now 26.5/30 (required) = 87.5%

But i'm no longer sure that's how probability is even calculated. it has tey

^^^^I thought as much too, but my Professor is so mean, that even you get the answers right, he will still make you think you are wrong. thanks Knight1, i am so copying and pasting, 

but what can we say that the fractional probability is

let me try:
15% of 500 = 75
U need 30 ppl to make $300.00 within 35% of the total time u opened the shop, then the probability is (30/75 ) = 0.4
my final answer is 0.4

How do you seek to get help in d family section? You get better advise in the education board!

let me try:
15% of 500 = 75
U need 30 ppl to make $300.00 within 35% of the total time u opened the shop, then the probability is (30/75 ) = 0.4
my final answer is 0.4
remember dat probablity outcome is always less than 1.

i'm so bookmarking this page Ronkebp.
lol and your ''so copying & pasting'' made me laugh bad bad
how are your courses going, i remember you doing MBA right?
i'm doing same 

Knight, thank you for helping. I will contact you with mine too, but hopefully i can solve mine

swisscash:

How do you seek to get help in d family section? You get better advise in the education board!

Wetin i for do naaa, tried that board tooo, it looks as if they are taking a nap there!!! so i was like let me try my personal people, asper some people would still remember the steps, na desperation oooo no be my fault.

armyofone:

i'm so bookmarking this page Ronkebp.
lol and your ''so copying & pasting'' made me laugh bad bad
how are your courses going, i remember you doing MBA right?
i'm doing same

Knight, thank you for helping. I will contact you with mine too, but hopefully i can solve mine

My dear u can say that again, this na the last course for me oooo, i purposely left it to the last. i am going crazy, the proff imself is driving me nuts. I dey copy paste oooo, i can't fit to mod, say i dey find certificate.

softy:

let me try:
15% of 500 = 75
U need 30 ppl to make $300.00 within 35% of the total time u opened the shop, then the probability is (30/75 ) = 0.4
my final answer is 0.4

Softy you are right, the probability, has to be less than one. hmm, now i see two different answers, knight and softy, but the same concept,

Miss_Ife:

Ok, let me try that one, though my head is rusty too

1/ Your shop draws 15% of total customer on any given day, which make 0.15*500 = 75 customers on saturday mornings
Out of those 75 customers only 35% will make a purchase of 10$ or more, which means 75*0.35= 26.25 customers
therefore, statistically, you'd make a minimum of 26.25*10=262.25$ per saturday morning.
This is just under 300$, but this is a minimum (10$ or more) so you'd probably need to calculate it again with the average amount customers spend in the shop to know if you would make profit or not.

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.

now, tell me, why those maths, ronke?

Miss Ife, wow am just seeinhg your response, thank you jare!!!! i will copy and paste your answer , my dear it is for my programme oooo, i have to do statistics and i hate maths with a passion, i only cram formular and drop for the lecturer faa!!! but this analysis pass my power, that was why i was like let me reach out to every,

armyofone:

i'm so bookmarking this page Ronkebp.
lol and your ''so copying & pasting'' made me laugh bad bad
how are your courses going, i remember you doing MBA right?
i'm doing same 

Knight, thank you for helping. I will contact you with mine too, but hopefully i can solve mine

loool, any body copying and pasting knight1's answer on statistics is purely on his/her own o!!!!

Cos i seem to remember having an "E" and "B" in the courses those days of engineering

ronkebp:

Miss Ife, wow am just seeinhg your response, thank you jare!!!! i will copy and paste your answer , my dear it is for my programme oooo, i have to do statistics and i hate maths with a passion, i only cram formular and drop for the lecturer faa!!! but this analysis pass my power, that was why i was like let me reach out to every,

My post was hidden coz the spambot got mad at me spending too much time online instead of cleaning my house yesterday night and i've been banned for no reason at all

Anyway, good luck with your program, i'll be finishing my own in a few months and just can't waaaaaiiiit !

So you have two answers, 0.4 and 0.87? Which will it be.

I am the last person you should be asking for help re mathematics. I turned down an admission in nigeria to study engineering because I sucked in maths and physics but was good in biology and chemistry hence my profession.

I have done the calculation and the answer is 0.4 or 40%.

Even if your math is right in practical it will not work, just ask yaself what are you selling in the first place that will make your math work? are you selling what people want on Saturday morning that will make people enter your shop and buy?

and for ur 2nd question, remember that probability trick on COIN is always Head or Tail, which is always half as rightly said here above me. When u tossed the coin 25 times and u got 15 Heads = 15/25 = 0.6 or 60% of ur total outcomes, while Tails equals 0.4 or 40%.
Therefore,the next toss of the coin would be 26th time, and getting Tail = 11/26 = 0.423 or 42.3% while getting the Head would be 0.577 or 57.7% = 15/26.
Tossing 25 or 26 times is a definite outcomes, while getting Heads or Tails is uncertained or what u are not sure of !
My final answer is 0.423 or 42.3%.
Thanks.

These are the characteristics of a binomial process to toss an unbiased coin:

1. Each outcome must be classified as a success (p) or a failure (r),
2. The probability distribution is discrete.
3. Each trial is independent and therefore the probability of success and the probability of failure is the same for each trial.

Can't remember the rest but i think there are 6 of them.

Miss_Ife:

Ok, let me try that one, though my head is rusty too

1/ Your shop draws 15% of total customer on any given day, which make 0.15*500 = 75 customers on saturday mornings
Out of those 75 customers only 35% will make a purchase of 10$ or more, which means 75*0.35= 26.25 customers
therefore, statistically, you'd make a minimum of 26.25*10=262.25$ per saturday morning.
This is just under 300$, but this is a minimum (10$ or more) so you'd probably need to calculate it again with the average amount customers spend in the shop to know if you would make profit or not.

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.

now, tell me, why those maths, ronke?

Excellent,

@Op

Mathematics is about interpretation. From your question, Miss_Ife has given you the best answer taking into consideration all the data you provided. Her answer was in %

But if you look at the other option we have as an answer by soft which gave 0.4, he was only calculating in terms of probability without taking considering the $10.

So you go with the one that best answer your question.

blank:

These are the characteristics of a binomial process to toss an unbiased coin:

1. Each outcome must be classified as a success (p) or a failure (r),
2. The probability distribution is discrete.
3. Each trial is independent and therefore the probability of success and the probability of failure is the same for each trial.

Can't remember the rest but i think there are 6 of them.

GBAM! E.g. The probability of getting all heads in ten filps of an unbiased coin is 1/2^10 = 1/1024 but if you get heads nine times, the probability of the tenth flip being heads is just half i.e. 1/2. Each particular outcome is independent of the previous.

Thank you guys, thank you for your help, i just carried ''Miss-Ife's reply to the lecturer although i added my own ajasa to it.

Asper the 1st question, i definitely would not open the shop because if i am making $ 262. as opposed to the $300.00 i would be needing to pay for expenses and revenue for half a day, then full day would be about $600.00 and if the shop attracts only 15% of the 500 customers for any given day, then i will be making $262. and some change for the whole day, therefore the business would be more in a loss than making profit.

@blank,   I   appreciate   ur   sense   of   calculation,   u   know,   its  been   long,   ur   post on   the   probability   on  the   toss   coins  forced me   back  to   reading   it  all   over   again   on  internet   now,   ur   answer  is   logically   correct,   it  is 1/2   irrespective  of  number  of  times  u got  it  tossed,  but  as  for  the first question,   i am  still holding on to  my  0.4  as my final answer

blank:

These are the characteristics of a binomial process to toss an unbiased coin:

1. Each outcome must be classified as a success (p) or a failure (r),
2. The probability distribution is discrete.
3. Each trial is independent and therefore the probability of success and the probability of failure is the same for each trial.

Can't remember the rest but i think there are 6 of them.

Thank you Blank, did you google this up, because na so i give the lecturer word for word, comma for comma thank you again.

Yep
Remember to always use your plagiarism checker.

jennykadry:

I am the last person you should be asking for help re mathematics. I turned down an admission in nigeria to study engineering because I sucked in maths and physics but was good in biology and chemistry hence my profession.

So you go school?? i no know oooo!!!

I hate maths hen!!!, now i loathe physics, i can manage chemistry,, ihad to drop sciences because of my physics teacher, the worst teacher in the whole universe, instead of teaching, he would be preaching,

^^
Maths ain't that bad ya know.
If you can master maths then physics ain't gonna be a problem

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

wow am so impressed to see this topic filled with intellectual peeps, and closing up without a single insult or abusive word. wish all trend could be as healthy as this.

jay bee:

^^
Maths ain't that bad ya know.
If you can master maths then physics ain't gonna be a problem

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.