Counter Sales Suppose That Customers Arrive at a Counter at an Avarage

question 57

Short Answer

Counter Sales
suppose that customers arrive at a counter at an avarage rate of three customers per minute and their arrivals follow the poisson model.
-{Counter Sales Narrative} Use the appropriate exponential distribution to find the probability that the next customer will arrive within 1.5 minutes.

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Definitions:

Standard Deviation

A metric indicating the extent of difference or scattering among a series of figures.

Variability

The measure of how much data points in a set diverge from the average or mean value, indicating the spread or dispersion of the dataset.

Standard Deviation

A measure that is used to quantify the amount of variation or dispersion of a set of data values.

Standard Error

The typical variability or spread in the sampling distribution of a statistic, most commonly the mean, is referred to as the standard deviation.