The Transportation Manager for the State of New Jersey Has

question 117

Multiple Choice

The transportation manager for the State of New Jersey has determined that the time between arrivals at a toll booth on the state's turnpike is exponentially distributed with λ = 4 cars per minute. Based on this information, what is the probability that the time between any two cars arriving will exceed 11 seconds?

• A) Approximately 1.0
• B) Approximately 0.48
• C) About 0.52
• D) About 0.75

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Deflation

A sustained decrease in the price level.

Growth

An increase in the economic capacity of a country to produce goods and services, compared from one period of time to another.