Mathematics, 02.11.2020 17:20 queenkimm26
A California water company has determined that the average customer billing is $1,250 per year and the amounts billed have an exponential distribution. a. What is the mean and lamda? b. Calculate the probability that a random chosen customer would spend more than $5,000 c. Compute the probability that a random chosen customer would spend more than the average amount spent by all customers of this company.
Answers: 2
 since 
![P(X 5000) = 1 - \bigg [ 1 - e ^{- \dfrac{5000}{1250}} \bigg]](/tpl/images/0860/3164/5d093.png)
![P(X 1250) = 1 - \bigg [ 1 - e ^{- \dfrac{1250}{1250}} \bigg]](/tpl/images/0860/3164/44e00.png)
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A California water company has determined that the average customer billing is $1,250 per year and t...
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