Compare and contrast discrete random variables and continuous random variables
What will be an ideal response?
A discrete random variable is one for which the number of possible outcomes can be counted. On the other hand, a continuous random variable has outcomes over one or more continuous intervals of real numbers. An example of a discrete random variable is the rolling of the six lottery balls while an example of a continuous random variable is the amount of money wagered on the rolling of those six lottery balls. It is possible to count and come up with a list of all possible outcomes of the rolling of the six lottery balls. However, the amount wagered is open to any amount greater than or equal to $0.
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Sam the Vet is running a rabies vaccination clinic for dogs at the local grade school. Sam can vaccinate a dog every 3 minutes
It is estimated that the dogs will arrive independently and randomly throughout the day at a rate of 1 dog every 6 minutes, according to a Poisson distribution. Also assume that Sam's vaccinating times are exponentially distributed. (a) Find the probability that Sam is idle. (b) Find the proportion of time that Sam is busy. (c) Find the average number of dogs receiving or waiting to be vaccinated. (d) Find the average number of dogs waiting to be vaccinated. (e) Find the average time a dog waits before getting vaccinated. (f) Find the average amount (mean) of time a dog spends between waiting in line and getting vaccinated.
Because managing inventory is just like managing any other investment, decisions about the level of inventory should be guided by the effect of inventory levels on sales
Indicate whether the statement is true or false