Consider a Poisson Distribution with an Average of 3 Customers

question 9

Multiple Choice

Consider a Poisson distribution with an average of 3 customers per minute at the local grocery store. If X = the number of arrivals per minute, find the expected value of X.

• A) 3
• B) 9
• C) 1.5
• D) 1.7

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Definitions:

Minimum Wage Law

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers.

Gas Lines

Queues of vehicles waiting to fuel up, sometimes seen during periods of fuel shortages.

Price Ceilings

Government-imposed limits on how high a price can be charged for a product, service, or commodity, usually intended to protect consumers.

Price Floors

A minimum price set by the government for certain goods and services to ensure that they cannot be sold for a lower price, aimed at protecting producers.