A Statistics Professor Receives an Average of Five E-Mail Messages

question 52

Multiple Choice

A statistics professor receives an average of five e-mail messages per day from students. Assume the number of messages approximates a Poisson distribution. What is the probability that on a randomly selected day she will have five messages?

• A)0.0067
• B)0.8750
• C)0.1755
• D)1.0000

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Definitions:

Inelastic Segment

A portion of the market where the demand for a product or service is relatively unresponsive to changes in price.

Barriers to Entry

Factors that prevent or hinder companies from entering a specific market or industry.

Monopoly Power

The significant control or exclusive possession of the market by a single entity, allowing it to influence price or terms of sale for goods and services.

Inelastic Portion

Part of the demand curve where the quantity demanded changes minimally in response to price changes.