Poisson and Binomial Distribution
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A baseball team loses $10,000 for each consecutive day it rains, Say X, the number of consecutive days it rains at the beginning of the season, has a Poisson distribution with mean 0.2. What is the expected loss before the opening game?
An airline always overbooks if possible. A particular plane has 95 seats on a flight in which a ticket sells for $300. The airline sells 100 such tickets for this flight.
a) If the probability of an individual not showing up is 0.05, assuming independence, what is the probability that the airline can accommodate all the passengers who do show up?
Assume that a policyholder is four times more likely to file exactly two claims as to file exactly three claims. Assume also that the number X of claims of this policyholder is Poisson. Determine the expectation E(X2)
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Solution Summary
The solution contains various statistical problems using the application of Binomial and Poisson distribution.
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Using MS Excel, If X follows a Poisson ...
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