On the average, 26 patrons per year come to the I.U.library to borrow the I Ching (assume that interarrival timesare exponential). Borrowers who find the book unavailableleave and never return. A borrower keeps a copy of the IChing for an average of 4 weeks.a If the library has only one copy, what is the expectednumber of borrowers who will come to borrow the IChing each year and find that the book is not available?b Suppose that each person who comes to borrow theI Ching and is unable to is considered to cost the library$1 in goodwill. A copy of the I Ching lasts two yearsand costs $11. A thief has just stolen the library’s onlycopy. To minimize the sum of purchasing and goodwillcosts over the next two years, how many copies of the IChing should be purchased?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
On the average, 26 patrons per year come to the I.U.
library to borrow the I Ching (assume that interarrival times
are exponential). Borrowers who find the book unavailable
leave and never return. A borrower keeps a copy of the I
Ching for an average of 4 weeks.
a If the library has only one copy, what is the expected
number of borrowers who will come to borrow the I
Ching each year and find that the book is not available?
b Suppose that each person who comes to borrow the
I Ching and is unable to is considered to cost the library
$1 in goodwill. A copy of the I Ching lasts two years
and costs $11. A thief has just stolen the library’s only
copy. To minimize the sum of purchasing and goodwill
costs over the next two years, how many copies of the I
Ching should be purchased?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
