A pack of cinnamon-scented pencils sells for $4.00. What is the sales tax rate if the total cost of the total cost of the pencil
2 answers:
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Answer:
The shape and rate parameters are and
.
Step-by-step explanation:
Let <em>X</em> = service time for each individual.
The average service time is, <em>β</em> = 12 minutes.
The random variable follows an Exponential distribution with parameter, .
The service time for the next 3 customers is,
<em>Z</em> = <em>X</em>₁ + <em>X</em>₂ + <em>X</em>₃
All the <em>X</em>'s are independent Exponential random variable.
The sum of independent Exponential random variables is known as a Gamma or Erlang random variable.
The random variable <em>Z</em> follows a Gamma distribution with parameters (<em>α</em>, <em>n</em>).
The parameters are:
Thus, the shape and rate parameters are and
.