Find the Mean of the Poisson Random Variable $\lambda = 1.33$

question 27

Multiple Choice

Find the mean of the Poisson random variable.
-The number of calls received by a car towing service in an hour has a Poisson distribution with parameter $\lambda = 1.33$ . Let $X$ denote the number of calls received by the service in a randomly selected hour. Find the mean of X.

• A)\(0.665\)
• B) \(1.33\)
• C) \(1.77\)
• D) \(1.153\)

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Definitions:

Bertrand Model

A model in economics that describes interactions in a market structure where firms compete on price.

Payoff Matrix

A table that shows the potential outcomes and payoffs for each combination of strategies between players in a strategic game.

Price Setting

The process of determining the selling price of a product or service, typically based on costs, market demand, and competition.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.