The Number of Traffic Accidents That Occur on a Particular

question 63

Essay

The number of traffic accidents that occur on a particular stretch of road during a month follows a Poisson distribution with a mean of 7.2. Find the probability that fewer than two accidents will occur on this stretch of road during a month.

Grasp the concept of "other things equal" and its importance in economic analysis.

Recognize the purposeful nature of economic decisions.

Differentiate between microeconomics and macroeconomics and their respective fields of study.

Understand the concept of opportunity costs and its application in decision making.