The Time It Takes a Mechanic to Change the Oil

question 37

Essay

The time it takes a mechanic to change the oil in a car is exponentially distributed with a mean of 5 minutes.
a.What is the probability density function for the time it takes to change the oil?
b.What is the probability that it will take a mechanic less than 6 minutes to change the oil?
c.What is the probability that it will take a mechanic between 3 and 5 minutes to change the oil?
d.What is the variance of the time it takes to change the oil?

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Definitions:

Output Level

The total quantity of goods and services produced in an economy over a specified period.

Marginal Revenue

The additional income that is produced from selling one more unit of a good or service; a crucial concept in determining the optimal level of output for a firm.

Marginal Cost

The increase in cost resulting from the production of one additional unit of a product.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, allowing for competition based on quality, price, and marketing.