A car rental company has distributorships in Orlando and Tampa. In analysing the historical records, it is determined that 55% of the cars rented in Orlando are returned to Orlando, whereas 45% end up in Tampa. Of the cars rented from the Tampa office, 65% are returned to Tampa, whereas 35% end up in Orlando. The dynamical system model is as follows: For initial number of 2500 cars at Orlando and 6500 at Tampa, does the system have an equilibrium point? (Y or N) When is the equilibrium value obtained? For Tampa: The Equilibrium value is: For Orlando: The Equilibrium value is?
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
Tree diagram
Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
A car rental company has distributorships in Orlando and Tampa. In analysing the historical records, it is determined that 55% of the cars rented in Orlando are returned to Orlando, whereas 45% end up in Tampa. Of the cars rented from the Tampa office, 65% are returned to Tampa, whereas 35% end up in Orlando.
The dynamical system model is as follows:
For initial number of 2500 cars at Orlando and 6500 at Tampa, does the system have an equilibrium point? (Y or N)
When is the equilibrium value obtained?
For Tampa:
The Equilibrium value is:
For Orlando:
The Equilibrium value is?
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
