The Number of Power Outages at a Nuclear Power Plant

question 157

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 no more than 1 power outage in a year is _____.

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Definitions:

Long-Run Supply Curve

A curve showing the relationship between price and quantity supplied that takes into account all possible adjustments in inputs and outputs.

Constant-cost Industry

An industry where the costs of production do not change as the total output in the industry changes.

Long-run Supply

Long-run Supply refers to the quantity of a good that producers are willing and able to supply onto the market at different price levels when all production inputs can be varied.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.