Gold Digger Airlines run a daily shuttle between San Remo and Dry Creek. They have two aircraft:
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Gold Digger Airlines run a daily shuttle between San Remo and Dry Creek. They have two aircraft: a two-engine DC-3 that used to belong to a Columbian drug cartel, and an old four-engine DC-6B bought from the US Army. All the six engines, that is, all the engines on both planes, have the same probability p of failing. For both planes: find the probability that half the engines will fail
(a) when p = 0.001;
(b) for p in general;
(c) let’s assume you hold your life dear, and that a plane will crash if half or more of the engines fail. For which values of p should you prefer the two-engine DC-3 (given that you fly at all)?
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Related Book For
The Bayesian Way Introductory Statistics For Economists And Engineers
ISBN: 9781119246879
1st Edition
Authors: Svein Olav Nyberg
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