The Time It Takes a Worker on an Assembly Line

question 18

Essay

The time it takes a worker on an assembly line to complete a task is exponentially distributed with a mean of 8 minutes.
a.What is the probability density function for the time it takes to complete the task?
b.What is the probability that it will take a worker less than 4 minutes to complete the task?
c.What is the probability that it will take a worker between 6 and 10 minutes to complete the task?
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Definitions:

Bankers' Acceptance

A short-term debt instrument issued by a company but guaranteed by a bank, commonly used in international trade to facilitate transactions.

Letter of Credit

A document issued by a bank guaranteeing a buyer's payment to a seller within a specific timeframe and for a specific amount.

Cash Balances

The amount of cash or cash equivalents that a company or individual holds at a given time.

Marketable Securities

Financial instruments that can be easily converted into cash at a fair market value.