General Hospital Has Noted That They Admit an Average of 7

question 25

Short Answer

General Hospital has noted that they admit an average of 7 patients per hour.
a.
What is the probability that during the next hour less than 3 patients will be admitted?
b.
What is the probability that during the next two hours exactly 7 patients will be admitted?

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Definitions:

House Money

Refers to the concept of playing with the profits from previous bets rather than one's own capital.

Irrational Behavior

Actions or decisions that are not based on logical reasoning, sound judgment, or align with standard economic theories or expectations.

Regret Aversion

A behavior in decision-making where individuals or entities tend to avoid actions that could potentially lead to regret in the future.

Sentiment-based Risk

The risk of making investment decisions based on market sentiment rather than fundamental analysis.