The Interval Between Patients Arriving at an Outpatient Clinic Follows

question 85

Short Answer

The interval between patients arriving at an outpatient clinic follows an exponential distribution with mean 15 minutes.What is the probability that a randomly chosen arrival to be more than 18 minutes?

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite of a normal good.

Downsloping

Refers to a curve or line moving downwards on a graph, often used in economics to describe demand curves where price and quantity demanded move in opposite directions.

Demand and Supply

The fundamental economic concept that describes the amount of a specific good or service that is available to consumers and the desire of consumers for it, considered as functions of its price.

Consumer Incomes

The total amount of money earned by consumers from various sources like wages, investments, and government benefits, which affects their purchasing power and economic behavior.