Joe has $100 a week to purchase either computer online service or film for his other hobby,photography.The price of on-line service is $5 an hour while the price of film is $10 a roll.Draw Joe's budget line in the figure below.
Definitions:
Mean
The average value of a set of numbers, calculated by adding all the numbers and dividing by the count of numbers.
Exponentially Distributed
A statistical distribution used to model the time between events in a Poisson process, describing the time until some specific event occurs.
Probability
The assessment of the probability of an event happening.
Poisson Model
A statistical model used to predict the count of events that happen independently and with a known constant mean rate.
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