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
OR
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