Light Bulb Lifetime

question 93

Short Answer

Light Bulb Lifetime
The lifetime of a light bulb (in hours)is exponentially distributed with λ = 0.008. ​ ​
-{Light Bulb Lifetime Narrative} What is the mean and standard deviation of the light bulb's lifetime?

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Definitions:

Prior Probability

The probability of an event or hypothesis before new evidence is taken into account.

Bayes' Law

A theorem in probability theory used to update the probability of a hypothesis as more evidence or information becomes available.

Posterior Probability

The probability of an event or hypothesis after taking into consideration new evidence or information.

Prior Probabilities

The probabilities that are assigned to events or hypotheses before any relevant evidence is taken into account, used in Bayesian analysis.