1. Suppose you are a technician, whose repair time on a given job is said to follow an exponential distribution with expected time θ = 3 hours. You have 5 independent jobs lined up (you complete them sequentially, one by one)? a. What is the expected amount of time it will take you to finish the 5 jobs you have? What is the variance of the true time? b. Now say you charge $250 per hour. How many dollars do you expect to make on a given job? How many dollars do you expect to make finishing all the jobs you have lined up
1. Suppose you are a technician, whose repair time on a given job is said to follow an exponential distribution with expected time θ = 3 hours. You have 5 independent jobs lined up (you complete them sequentially, one by one)? a. What is the expected amount of time it will take you to finish the 5 jobs you have? What is the variance of the true time? b. Now say you charge $250 per hour. How many dollars do you expect to make on a given job? How many dollars do you expect to make finishing all the jobs you have lined up
Chapter9: Sequences, Probability And Counting Theory
Section9.7: Probability
Problem 60SE: Use this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the...
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1. Suppose you are a technician, whose repair time on a given job is said to follow an exponential distribution with expected time θ = 3 hours. You have 5 independent jobs lined up (you complete them sequentially, one by one)?
a. What is the expected amount of time it will take you to finish the 5 jobs you have? What is the variance of the true time?
b. Now say you charge $250 per hour. How many dollars do you expect to make on a given job? How many dollars do you expect to make finishing all the jobs you have lined up
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