Patients Arriving at an Outpatient Clinic Follow an Exponential Distribution

question 156

Short Answer

Patients arriving at an outpatient clinic follow an exponential distribution at a rate of 15 patients per hour. What is the probability that a randomly chosen arrival to be less than 15 minutes?

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Definitions:

Normal Good

A type of good for which demand increases as the income of individuals increases, reflecting a direct relationship between income and demand.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of it that consumers are willing to purchase at various prices.

Future Price Decline

The expectation that the price of goods or services will decrease in the future, often influencing consumer and business decisions.

Leftward Shift

In economic terms, a movement of the supply or demand curve to the left on a graph, indicating a decrease in supply or demand.