A company is preparing to open a new web site to sell its products. From past experience, they know which purchases at the site will happen as a Poisson procedure with on average 25 purchases every 10 minutes.
Determine the expected time in minutes before the first buy after the site opens? Provide your answer to four decimal places.
Response:
Determine the probability that more than 0.24 minutes pass before the first purchase? Provide your answer to four decimal places.
Determine the expected time in minutes till the seventh purchase? Provide your answer to four decimal places.
Compute the probability that the seventh purchase will happen between 2.4 minutes and 3.2 minutes after the site opens? Provide your answer to four decimal places.