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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 408 Weeks Ago, 4 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
A mechanic, Bob, requires on average 3 h to complete a repair. Furthermore, the repair time closely follows an exponential distribution. Bob realizes that by hiring his nephew Bill as an assistant, he can reduce the average repair time to 2 h. The repair time would still be exponential because the job structure is unchanged. For each repair job, Bob gets paid $220 if he finishes in less than 2 h and $180 if he cannot. Assume that Bob does not want to decrease his expected payment per repair job. What is the maximum amount per job that Bob would be willing to pay Bill?
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