(Answered) : The sales activity at BestCar is estimated to be distributed as follows: Weekly Sales (cars) Relative Frequency (probabili

The sales activity at BestCar is estimated to be distributed as follows:

Weekly Sales (cars)

Relative Frequency (probability)

0

0.02

1

0.03

2

0.05

3

0.10

4

0.15

5

0.30

6

0.20

7

0.10

8

0.05

Total 1.00

Create an Excel model that simulates 500 weeks at BestCar. It should calculate from the simulated experience the average number of cars and revenue per week and also a frequency table on car sales.

Expert Answer

The given function ia a joint pmf if it satisfy the following two conditions ,
1 )
2 )
Now,
1 ) Here , all probabilities are greater than 0 i.e. for all x and y
2 )
x=1 x=2 x=3 Total
y=1 0.15 0.10 0.05 0.30
y=2 0.02 0.10 0.05 0.17
y=3 0.02 0.03 0.20

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