During each month, an average of 3 new service businesses open in Smalltown. The average time...

During each month, an average of 3 new service businesses open in Smalltown. The average time that such a business lasts is 1.5 years.

(a) At some point in the distant future, how many such businesses would you expect on average to find in Smalltown?

(b) If the time between the opening of such a business is exponential, what is the probability that at some point in the distant future, there will be more than 60 such businesses in the Smalltown?

Expert Solution

orchestra answered 1 year ago

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