The Interval Between Patients Arriving at an Outpatient Clinic Follows

question 119

Short Answer

The interval between patients arriving at an outpatient clinic follows an exponential distribution at a rate of 1 patient per hour.What is the probability that a randomly chosen arrival to be more than 1 hour?

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Definitions:

Constant Returns To Scale

a situation in production where increasing all inputs by the same percentage results in output increasing by that same percentage.

Long-run Profits

The potential earnings of a business over a period long enough for all inputs to be adjusted, considering the firm's ability to enter or exit markets.

Factor Price

The price at which factors of production (land, labor, capital) are bought and sold.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resulting output.