Each customer who arrives at a store might make a purchase (or not) and whether they...
Each customer who arrives at a store might make a purchase (or not) and whether they do does not seem to depend on what anyone else does. Twenty percent of the customers make a purchase. What is the population average and variance for the number of purchases by three customers selected at random?
Homework Answers
Binomial Distribution
n = 3
p = 0.20
q = 1 - p = 0.80
Population average = 
= np = 3 X 0.20 = 0.60
Population variance = npq = 3 X 0.20 X 0.80 = 0.48
So,
population average = 0.60
population variance = 0.48
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