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BrownianMan
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For watches produced by a certain manufacturer, lifetimes follow a single-parameter Pareto distribution with alpha > 1 and theta = 4. The expected lifetime of a watch is 8 years.
a) Calculate the probability that the lifetime of a watch is at least 6 years.
b) For the same distribution as above, calculate the expected life of a watch that has already survived 6 years.
I did part a) and got the right answer: 0.444.
Not sure about part b). Wouldn't the answer be 8 years?
a) Calculate the probability that the lifetime of a watch is at least 6 years.
b) For the same distribution as above, calculate the expected life of a watch that has already survived 6 years.
I did part a) and got the right answer: 0.444.
Not sure about part b). Wouldn't the answer be 8 years?