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The durations of calls to a radio talk show are known to be exponentially distributed with a mean of 3 minutes.
a. What is the probability that a call will last less than 2 minutes?
b. What is the probability that a call will last longer than 4 minutes?
c. Given that a call has already lasted 4 minutes, what is the probability that it will last at least another 4 minutes?
d. Given that a call has already lasted 4 minutes, what is the expected remaining time until it ends?
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The half-life of aspirin in the bloodstream is 12 hours. How long will it take for the aspirin to decay to 70% of the original dosage?
Continuing the previous problem, assume, as in Problem, that the damage amount is normally distributed with mean $3000 and standard deviation $750.
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