If Arrivals Occur According to the Poisson Distribution Every 20

question 20

Multiple Choice

If arrivals occur according to the Poisson distribution every 20 minutes, then which is NOT true?

• A) λ = 20 arrivals per hour
• B) λ = 3 arrivals per hour
• C) λ = 1/20 arrivals per minute
• D) λ = 72 arrivals per day

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Definitions:

Past Consideration

Anything given or promised to be given in the past, which cannot be considered valuable in the context of forming a current contract.

Law of Consideration

A principle in contract law that requires an exchange of something of value between the contracting parties.

Specific

Clearly defined or identified; particular and distinct.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise.