Someone suggests that the lifetime T (in days) of a certain component can be modeled with the

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Someone suggests that the lifetime T (in days) of a certain component can be modeled with the Weibull distribution with parameters α = 3 and β = 0.01.

a. If this model is correct, what is P(T ≤ 1)?

b. Based on the answer to part (a), if the model is correct, would one day be an unusually short lifetime? Explain.

c. If you observed a component that lasted one day, would you find this model to be plausible? Explain.

d. If this model is correct, what is P(T ≤ 90)?

e. Based on the answer to part (d), if the model is correct, would 90 days be an unusually short lifetime? An unusually long lifetime? Explain.

f. If you observed a component that lasted 90 days, would you find this model to be plausible? Explain.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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