4.B.5 Suppose (in some climate) that during the summer, precipitation only falls in the form of...
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4.B.5 Suppose (in some climate) that during the summer, precipitation only falls in the form of violent thunderstorms. In the month before the harvest, an average of 20 such showers occur, and the number of showers can be assumed to be Poisson distributed. The precipitation amounts of these showers have an average of 7 mm and a standard deviation of 4 mm (so variance of 16 mm). a. If the total rainfall in the month before harvest exceeds 190 mm, the damage is so great that the harvest must be considered lost. What is the (approximate) chance of this happening? Assume that the amount of precipitation of one shower can be modelled with a lognormal distribution. b. How can you see without calculations that the median of the precipitation amount of one shower is smaller than the expectation? c. What is the value of the median of the precipitation amount of one shower? 4.B.5 Suppose (in some climate) that during the summer, precipitation only falls in the form of violent thunderstorms. In the month before the harvest, an average of 20 such showers occur, and the number of showers can be assumed to be Poisson distributed. The precipitation amounts of these showers have an average of 7 mm and a standard deviation of 4 mm (so variance of 16 mm). a. If the total rainfall in the month before harvest exceeds 190 mm, the damage is so great that the harvest must be considered lost. What is the (approximate) chance of this happening? Assume that the amount of precipitation of one shower can be modelled with a lognormal distribution. b. How can you see without calculations that the median of the precipitation amount of one shower is smaller than the expectation? c. What is the value of the median of the precipitation amount of one shower?
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Related Book For
Intermediate Financial Management
ISBN: 978-1111530266
11th edition
Authors: Eugene F. Brigham, Phillip R. Daves
Posted Date:
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