The Number of Power Outages at a Nuclear Power Plant

question 121

Short Answer

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be exactly 3 power outages in a year is______.

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Definitions:

Quotas

Limits set by government on the quantity of goods that can be imported or produced, intended to protect domestic industries.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.

Market Intervention

Actions taken by a government or other authority to affect the market, often to correct market failures or achieve certain policy objectives.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, intended to protect consumers from high prices.