2) The time between successive customers coming to the market is assumed to have Exponential distribution with parameter l.   a)     If X1, X2, . . . , Xn are the times, in minutes, between successive customers selected randomly, estimate the parameter of the distribution. b)     b) The randomly selected 12 times between successive customers are found as 1.8, 1.2, 0.8, 1.4, 1.2, 0.9, 0.6, 1.2, 1.2, 0.8, 1.5, and 0.6 mins. Estimate the mean time between successive customers, and write down the distribution function. c)      In order to estimate the distribution parameter with 0.3 error and 4% risk, find the minimum sample size

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.