The exponential probability distribution can be used to model waiting time in line or the lifetime of electronic components. Its density function is skewed right. Suppose the wait-time in a line can be modeled by the exponential distribution with m = s = 5 minutes.
(a) Simulate obtaining a random sample of 15 wait-times.
(b) Explain why constructing a 95% confidence interval using the Student’s t-distribution is a bad idea.
(c) Use the data to construct a 95% confidence interval for the mean using 1000 resamples.