The Life of a Light Bulb Is Exponentially Distributed with a Mean

question 9

Multiple Choice

The life of a light bulb is exponentially distributed with a mean of 1,000 hours. What is the probability that the bulb will last less than 800 hours?

• A) .6321
• B) .5507
• C) .7135
• D) .4493

Recognize the role of property rights in market efficiency.

Understand how market equilibrium affects efficiency and total surplus.

Recognize the concept of market failure and externalities.

Understand the impact of government interventions on market efficiency and surplus.

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Definitions:

Random Assignment

A technique for assigning individuals to different groups in an experiment using randomization, to ensure that every participant has an equal chance of being placed in any group.

Cause-effect Inferences

Logical deductions that suggest a relationship where one event (the cause) leads to the occurrence of another event (the effect).

External Validity

The extent to which research findings can be generalized to settings or groups outside the study.

Confounding Variables

External factors that can influence both the dependent and independent variables, potentially biasing the results of a study.