The Number of Power Outages at a Nuclear Power Plant

question 127

Short Answer

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be at least 1 power outage in a year is_____.

---

Definitions:

Diminishing Returns

A principle stating that as investment in a single area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant.

Labor Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate.

Diminishing Returns

A principle stating that the addition of more of one factor of production, holding all else constant, will at some point yield lower incremental per-unit returns.

Marginal Product

The additional output resulting from the use of one more unit of a variable input, holding other inputs constant.