5. In a bakery everyday bread loafs are prepared and sold. They start the business in the morning by 6 am and close the business by 8 pm. All the loafs are sold and a small portion is wasted in the process of handling. But they close the day with zero loafs on hand. On an average, every day they prepare 1650 loafs. The owner wishes to calculate the constant transition intensity over this period covering both sales and wastages. If the true transition intensity is 0.2, what is the probability that you observe a hazard rate in excess of 0.25?
5. In a bakery everyday bread loafs are prepared and sold. They start the business in the morning by 6 am and close the business by 8 pm. All the loafs are sold and a small portion is wasted in the process of handling. But they close the day with zero loafs on hand. On an average, every day they prepare 1650 loafs. The owner wishes to calculate the constant transition intensity over this period covering both sales and wastages. If the true transition intensity is 0.2, what is the probability that you observe a hazard rate in excess of 0.25?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Transcribed Image Text:5. In a bakery everyday bread loafs are prepared and sold. They start the
business in the morning by 6 am and close the business by 8 pm. All the
loafs are sold and a small portion is wasted in the process of handling. But
they close the day with zero loafs on hand. On an average, every day they
prepare 1650 loafs. The owner wishes to calculate the constant transition
intensity over this period covering both sales and wastages. If the true
transition intensity is 0.2, what is the probability that you observe a hazard
rate in excess of 0.25?
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