Questions from Business Statistics

Q: Determine the mean and standard deviation of the following exponential distributions.

Determine the mean and standard deviation of the following exponential distributions. a) λ = 3.25 b) λ = 0.7 c) λ = 1.1 d) λ = 6.0

Q: Determine the following exponential probabilities. a) P(x

Determine the following exponential probabilities. a) P(x ≥ 5|λ = 1.35) b) P (x < 3|λ = 0.68) c) P(x > 4|λ = 1.7) d) P (x < 6|λ = 0.80)

Q: The average length of time between arrivals at a turnpike tollbooth is

The average length of time between arrivals at a turnpike tollbooth is 23 seconds. Assume that the time between arrivals at the tollbooth is exponentially distributed. a) What is the probability that...

Q: A busy restaurant determined that between 6:30 P.M

A busy restaurant determined that between 6:30 P.M. and 9:00 P.M. on Friday nights, the arrivals of customers are Poisson distributed with an average arrival rate of 2.44 per minute. a) What is the pr...

Q: The retail price of a medium-sized box of a well

The retail price of a medium-sized box of a well-known brand of cornflakes ranges from $2.80 to $3.14. Assume these prices are uniformly distributed. What are the average price and standard deviation...

Q: During the summer at a small private airport in western Nebraska,

During the summer at a small private airport in western Nebraska, the unscheduled arrival of airplanes is Poisson distributed with an average arrival rate of 1.12 planes per hour. a) What is the avera...

Q: The exponential distribution can be used to solve Poisson-type problems

The exponential distribution can be used to solve Poisson-type problems in which the intervals are not time. The Air Travel Consumer Report published by the U.S. Department of Transportation reported...

Q: Shown here is a graph of a binomial distribution for n =

Shown here is a graph of a binomial distribution for n = 6. Study the graph and from the graph, estimate what you think is the mean of this distribution. Approximately what do you think is the value o...

Q: The Foundation Corporation specializes in constructing the concrete foundations for new houses

The Foundation Corporation specializes in constructing the concrete foundations for new houses in the South. The company knows that because of soil types, moisture conditions, variable construction, a...

Q: During the dry month of August, one U.S.

During the dry month of August, one U.S. city has measurable rain on average only two days per month. If the arrival of rainy days is Poisson distributed in this city during the month of August, what...