A baseball team loses $100,000 for each consecutive day it rains. Say x, the number of consecutive days it rains at the beginning of the season, has a poisson distribution with mean 0.2.
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Answer:
The parameter of the Poisson Distribution is 0.2 i.e Mean = λ = 0.2 = E(X)
The expected number of consecutive days that it rains at the beginning of the season is 0.2 days.
The team loses $100,000 per day, thus the expected loss is the product of $100,000 per days and the expected number of days:
E(X₁) = $100,000E(X) = $100,000×0.2 = $20,000
Therefore, the expected loss before the opening game is $20,000.
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