What is probability that the dealer will run out of stock

Reference no: EM131880955

Problem 1 - Find a general expression for the estimate of the parameter beta in an exponential distribution and its 90% confidence interval, assuming N number of observations from the population.

Problem 2 - A car dealer sells a specific model at a rate of 4 units a day. The manager determined that the sales follow a Poisson distribution.

A) If the dealer has a stock of 4 cars of this model in a particular morning, what is the probability that the dealer will run out of stock that day?

B) What is the probability that they will run out of stock if they have a stock of 6 cars that morning?

Problem 3 - Download the file "Data_100.csv" attached. Using the data in the file, create a box plot. Also create a histogram by using the fact that the number of datapoints within a range is a good representation of the probability the distribution would be within that range. For example, if there are 7 datapoints between 0 and 5, P(0 ≤ X ≤ 5) ∼= 0.07. Divide the whole range into 10 disjoint adjacent equi-width intervals.

Attachment:- Data File.rar

Reference no: EM131880955

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