Poisson distribution with the parameter

Assignment Help Business Economics
Reference no: EM132195897

Assume that the number of cars arriving at a gas station within 10 minutes has a Poisson distribution with the parameter of 4.

(a) What is the probability that at least 2 cars will be arriving at the gas station within 10 minutes?

(b) What is the probability that no more than 2 cars will be arriving at the gas station within 5 minutes?

(c) How many cars will be expected to arrive within five minutes? In addition, find the standard deviation of the number of cars arriving within five minutes.

Reference no: EM132195897

Questions Cloud

Develop crisis management plans for leading organizations : A CMP is a living document that is updated regularly as society, technology, culture, and organizations change.
Environment and climate dynamics in the developing world : Population, Poverty, Environment and Climate Dynamics in the Developing World just I need to check the similarity & add Acknowledgements
Find an article that covers the topic you have chosen : For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course.
What is the product and service model of southwest : What is the product and service model of Southwest? Who is their primary target market, and how is Southwest positioned with this group?
Poisson distribution with the parameter : Assume that the number of cars arriving at a gas station within 10 minutes has a Poisson distribution with the parameter of 4.
Find the value for the probability : Suppose that 5% of the adobe bricks shipped by a manufacturer have minor blemishes. A person is to buy 500 adobe bricks.
Compute the exchange exposure faced by the US firm : Compute the exchange exposure faced by the U.S. firm. What is the variance of dollar price of this asset if the U.S. firm remains unhedged against this exposure
Find the probability distribution of the number : An altered die has one dot on two faces. The die is to be tossed 5 times. (a) Find the probability distribution of the number of one dot in 5 tosses of the die
Find the distribution of x : (a) Find the distribution of X. (b) Find the mean and standard deviation of X.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd