Question 1: Your analytics team tells you that amount of time a typical customer spends in a coffee shop is normally distributed with mean (?) 10 minutes and standard deviation (?) of 3 minutes. What proportion of customers spend less than 5 minutes in the coffee shop?
Question 2: Your analytics team tells you that a coffee customer spending in the store is normally distributed with mean (?) $5 dollars and a standard deviation (?) $2 dollars. What is the proportion of customers will spend more than $10 dollars?
Question 3: Your research team tells you that the number of times a customer visits your store each week can be determined based on the following regression: # of Visits = 1.5 + 0.1 x Age. Based on this regression how many visits does the model predict for a customer who is 40 years old? If the actual number of visits is 5 what is the error (remember error is computed as Actual Number minus Predicted Number)?
Question 4: Indicate which scatter plot below exhibits negative, almost no and positive correlation
Question 1: The proportion of customers spend less than 5 minutes in the coffee shop is
P( X < 5) = P(Z < (5-10) / 3) = P(Z < -1.6667) = 0.04779 = 4.78%
Question 2: The proportion of customers will spend more than $10 dollars is
P( X > 10) = P(Z > (10-5) / 2) = P(Z > 2.5) = 0.00621 = 0.621%
Question 3: The no. of visits does the model predict for a customer who is 40 years old is
# of Visits = 1.5 + 0.1 x (40) = 5.5
Actcual Value = 5
Error = 5- 5.5 = 0.5
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