The Interval Between Patients Arriving at an Outpatient Clinic Follows

question 31

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 2.5 hours?

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Definitions:

Marginal Cost

The boost in complete costs associated with creating one more unit of a product or service.

Private Good

A product that is excludable and rival in consumption, meaning its use is limited to the purchaser and it cannot be shared without diminishing availability to others.

Rivalry

Competition or contention between two or more parties for a goal that only one can attain.

Excludability

A characteristic of a good according to which it is possible to prevent people who have not paid for the good from consuming it.