The amount of time that a union stays on strike is judged to follow an exponential distribution

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The amount of time that a union stays on strike is judged to follow an exponential distribution with a mean of 10 days.
a. Find the probability that a strike lasts less than one day.
b. Find the probability that a strike lasts less than six days.
c. Find the probability that a strike lasts between six and seven days.
d. Find the conditional probability that a strike lasts less than seven days, given that it already has lasted six days. Compare your answer to part a. 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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Making Hard Decisions with decision tools

ISBN: 978-0538797573

3rd edition

Authors: Robert Clemen, Terence Reilly

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