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The number of days ahead travelers purchase their airline tickets can be modeled by an exponential distribution with the average amount of time equal to 15 days. Find the probability that a traveler will purchase a ticket fewer than ten days in advance. How many days do half of all travelers wait?

Short Answer

Expert verified

The value of the number of days half of the travelers wait is 10.40days.

Step by step solution

01

Given information

The number of days ahead travelers purchase their airline tickets can be modeled by an exponential distribution with the average amount of time equal to 15 days.

02

Solution

It is shown that the number of days is exponentially allocated with mean 15days. It is known that the decay rate (m)is reciprocal of mean ()for the exponential distribution. So,

m=1

=115

=0.066667

Thus the number of days is exponentially distributed as below:

X~Exp(0.066667)

Here,

X=Random variable for the number of days

03

Solution

Here it is clear that cumulative distribution function of exponential distribution is:

P(X<x)=1emx

So, the required probability can be calculated:

P(x<10)=1e0.06666710

=10.513416947

0.4866

Thus the value of P(x<10)is 0.4866.

Now you must compute the number of days that half of the travellers must wait, which is the same as the data's 50th percentile. So, here's how you figure out what the 50th percentile is:

P(x<k)=1e0.066667k

0.50=1e0.066667k

e0.066667k=10.50

e0.066667k=0.50

Take logarithmic on both the sides. Then,

lne0.066667k=ln0.50

0.066667k=0.6931

k=0.69310.066667

k10.40

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