Phone Orders
the L $\lambda$ ,The Parameter of the Exponential Distribution in This Situation

question 37

Essay

Phone Orders
The L.L.Bean catalog department that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product.The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes.
-{Phone Orders Narrative} What is the value of $\lambda$ ,the parameter of the exponential distribution in this situation?

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Definitions:

pH

A scale used to specify the acidity or basicity of an aqueous solution, with values typically ranging from 0 (acidic) to 14 (basic).

HCl

Hydrochloric acid, a strong corrosive acid that is a simple diatomic molecule consisting of hydrogen and chlorine, used in many industrial and scientific applications.

K

The elemental symbol for potassium, a metal that is essential for life and is used in a wide variety of industrial processes.