S1 - Poisson distribution
How would one calculate the expected income of something from a Poisson distribution?
I've come across a question where the mean daily demand is 2.4 and it costs £12 for 1. How would I calculate the expected daily income from this?
I've come across a question where the mean daily demand is 2.4 and it costs £12 for 1. How would I calculate the expected daily income from this?
Original post by crozibear96
How would one calculate the expected income of something from a Poisson distribution?
I've come across a question where the mean daily demand is 2.4 and it costs £12 for 1. How would I calculate the expected daily income from this?
I've come across a question where the mean daily demand is 2.4 and it costs £12 for 1. How would I calculate the expected daily income from this?
The expectation of a Poisson r.v. is the mean, which for the Poisson is also the parameter .
You have the mean, and the cost per unit.
Original post by joostan
The expectation of a Poisson r.v. is the mean, which for the Poisson is also the parameter .
You have the mean, and the cost per unit.
You have the mean, and the cost per unit.
Sooo.. Just 2.4 multiplied by 12?
Original post by crozibear96
Sooo.. Just 2.4 multiplied by 12?
Yup
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