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Back to 5.3 The Exponential Distribution

5.3 Exercise 3

Avg difficulty 2.5

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?

OpenStax Introductory Business Statistics 2e, 5.3 The Exponential Distribution, exercise 3

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Adapted from Introductory Business Statistics 2e © 2023 Rice University. Licensed under CC BY 4.0. Source: Introductory Business Statistics 2e. Imported at revision 50ec917.