A garage has three cars available for daily hire. Calculate the following probabilities if the variable is

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A garage has three cars available for daily hire. Calculate the following probabilities if the variable is a Poisson variable with a mean of 2:

(a) Find the probability that on a given day that exactly none, one, two, and three cars will be hired, and determine the mean number of cars hired per day;

(b) The charge of hire of a car is £25 per day and the total outgoings per car, irrespective of whether or not it is hired, are £5 per day.

Determine the expected daily profit from hiring these three cars.

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Business Statistics Using Excel

ISBN: 9780199659517

2nd Edition

Authors: Glyn Davis, Branko Pecar

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Question Posted: Nov 25, 2023 04:43 AM

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A garage has three cars available for daily hire. Calculate the following probabilities if the variable is

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Probability of Cars Being Hired a To calculate the probabilities of the number of cars being hired w...View the full answer

Business Statistics Using Excel

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