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L15.2082 - Statistics for Business and Economics (2024/2025)

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The amount of time (in minutes) a postal clerk spends with his or her customer is a random variable, , with the following density function , . Half of all customers are finished within how long? (HINT: Find the 50th percentile)
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Let X be a continuous random variable whose probability density function is:

 for  0 < x < 1

What is ?

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An oil company conducts a geological study that indicates that an exploratory oil well should have a 20% chance of striking oil. What is the probability that they have to drill seven wells until the third strike occurs?

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A repair team is responsible for a stretch of oil pipeline 4 km long. The distance (in km) at which any fracture occurs, , can be represented by a uniformly distributed random variable, with probability density function f(x) = 0.25. The mean and the standard deviation of the distance  at which any fracture occurs are, respectively,

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A continuous uniform distribution has the parameters a = 4 and b = 10. The F(20) is:

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The lifetime of a certain type of light bulb is exponentially distributed with a mean of 1000 hours. If a household has 4 of these light bulbs, what is the probability that at least two of them burn out before 800 hours?

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The amount of time (in minutes) a postal clerk spends with his or her customer is a random variable, , with the following density function , . The probability that this clerk spends four to six minutes with a randomly selected customer is,

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Consider the figure below. It shows three cumulative distributions functions for the exponential distribution with various parameters:

Identify the color of these distributions.

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