Question

small isolated town has two grocery's stores, mike's market, and sharon's store. everyone in town shops in one of these, and no one from out of town shops in any of them. people change their shopping habits each week. of the shoppers who favor mike's market one week, 70% will shop there the next week too, while sharon's store retains 78% of her customers each week. mike's market has 2500 customers currently and sharon's store has 1900. how many customers will favor mike's market next week?

Answer 1

Using the retention rate of 70%, Mike's Market will have 1750 customers next week, calculated by multiplying the current 2500 customers by 0.7.

Step-by-step explanation:

To calculate the number of customers who will favor Mike's Market next week, we will use the given percentage of customers that are likely to return. Currently, Mike's Market has 2500 customers. According to the given information, 70% of these customers will shop at Mike's Market the following week.

To find out how many customers that is, we multiply 2500 by 70%, which is the same as multiplying by 0.7.

Number of customers for next week = Current number of customers × Percentage likely to return
= 2500 × 0.7
= 1750 customers

So, Mike's Market is expected to have 1750 customers next week.