Houses in Auckland are bought almost immediately during the year, as they become available on the market. The event of a...
Houses in Auckland are bought almost immediately during the year, as they become available on the market. The event of a house becoming available follows a Poisson process with rate λ = 1 house per 4 days.
(a) What is the expected waiting time for a house to become available?
(b) What is the probability that exactly 10 houses become available in one week?
(c) Bob and Alice just won a Lotto and determine to buy in Auckland. Find the probability that Bob will wait between 5 and 10 days for a house to become available, given that Alice found a house in 4 days.
(d) What is the expected value and variance for the number of houses becoming available in an hour?
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Houses in Auckland are bought almost immediately during the year, as they become available on the market. The event of a...
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