You are running a gas station business near a highway. Cars are passing by according to a Poisson process with λ=54 per

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

You are running a gas station business near a highway. Cars are passing by according to a Poisson process with λ=54 per

Post by answerhappygod »

You are running a gas station business near a highway. Cars
are passing by according to a Poisson process
with λ=54 per hour. The probability of a car stopping by
the gas station is p=1/9. The amount of money spent in the gas
station is uniformly distributed between 200$ and 550$.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”