You work at a mechanic shop. On average, 10 cars come into your shop each day. Assuming a poisson distribution, what is the probability 4 cars come into the shop? Round to 4 decimal points.
You work at a mechanic shop. On average, 10 cars come into your shop each day. Assuming a poisson distribution, what is the probability 4 cars come into the shop? Round to 4 decimal points.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
You work at a mechanic shop. On average, 10 cars come into your shop each day. Assuming a poisson distribution, what is the probability 4 cars come into the shop? Round to 4 decimal points.
Expert Solution
Step 1
Poisson Distribution:
Where
e = Euler's constant = 2.71828
λ = mean number of occurrences in the interval
x =0,1,2,3, .......
x! = x factorial
-------------------------
Given information:
On average, 10 cars come into your shop each day. Assuming a Poisson distribution, we are required to find the probability that 4 cars have come in the store
=> λ = 10
=> x = 4
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