The Length of Time (In Minutes)that a Person Arriving at a Train

question 67

Essay

The length of time (in minutes)that a person arriving at a train station must wait for a train is uniformly distributed with density function f(x)=
where 0 ≤ x ≤ 20.Find the mean waiting time and the standard deviation.

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Definitions:

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Car Dealership

A business that sells new or used cars at the retail level, typically based on a dealership contract with an automaker or its sales subsidiary.

Benefits

The advantages or positive outcomes gained from a product or action.

Sunk Cost

Costs that have already been incurred and cannot be recovered, which should not affect future investment or business decisions.