319handout8 - Econ 319, Fall 2008 TA: Simon Kwok Handout 8...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Econ 319, Fall 2008 TA: Simon Kwok Handout 8 1. An ice-cream vendor is interested in the time T at which a customer comes and buys a cup of ice-cream on a day. Figure 1 shows the pdf f ( t ) of T . It is known that the probability of a customer buying a cup of ice-cream from the vendor before 3:00pm is 0.4. 12:00noon t 3:00pm 7:00pm 11:00pm 9:00am f ( t ) Figure 1 (a) The period from 12:00pm to 7:00pm each day is called the &happy hours. Find the probability that a customer comes and buys a cup of ice-cream in the happy hours. (b) The vendor can earn $5 for each cup of ice-cream sold in the morning and $8 for each one sold in the afternoon. Suppose that there are 10 customers today and each of the customers arrive at the vendor independently according to the distribution depicted in Figure 1 . 1. What is the probability that less than 4 come and buy ice-cream in the morning today? 2. What is the expected amount the vendor earns today?...
View Full Document

Page1 / 2

319handout8 - Econ 319, Fall 2008 TA: Simon Kwok Handout 8...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online