The time it takes a mechanic to change the oil in a car is exponentially distributed with a mean of 5 minutes

a. What is the probability density function for the time it takes to change the oil?
b. What is the probability that it will take a mechanic less than 6 minutes to change the oil?
c. What is the probability that it will take a mechanic between 3 and 5 minutes to change the oil?
d. What is the variance of the time it takes to change the oil?


a. f(x) =(1/5) e-x/5 for x 0
b. 0.6988
c. 0.1809
d. 0.25

Business

You might also like to view...

One of TRESemmé’s strategies is to extend their business by continuing to create hair care products formulated for customers with different hair types. This type of strategy is called______.

a. integration b. turnaround and retrenchment c. combination d. concentration

Business

Who said ‘man is born free but everywhere he is in chains’?

a. Karl Marx b. Groucho Marx c. Jean-Jacques Rousseau d. Germaine Greer

Business

Which sentence expresses numbers correctly?

A) The planning meeting scheduled for November 1st has been postponed. B) The planning meeting scheduled for November first has been postponed. C) The planning meeting scheduled for ?November 1 has been postponed.

Business

With the improvement in the technology and understanding of discounting techniques, both the net present value (NPV) technique and internal rate of return (IRR) technique used in capital budgeting analyses have become more popular because these techniques provide decisions that help the firm to _____.

A. minimize its overall payback period B. maximize it required rate of return C. maximize its value D. minimize the number of multiple IRRs computed for every project E. maximize the initial capital investment

Business