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THE BUREAU OF LABOR STATICS REPORTS THE FATALITY RATE FOR WO

Paper help Economics THE BUREAU OF LABOR STATICS REPORTS THE FATALITY RATE FOR WO

Economics

THE BUREAU OF LABOR STATICS REPORTS THE FATALITY RATE FOR WO

THE BUREAU OF LABOR STATICS REPORTS THE FATALITY RATE FOR WORKERS IN THE RAIL TRANSPORTATION INDUSTR… Show more THE BUREAU OF LABOR STATICS REPORTS THE FATALITY RATE FOR WORKERS IN THE RAIL TRANSPORTATION INDUSTRY IS 0.006 FATALITIES PER 200000 WORKERS HOURS. DURING 2007, RAIL TRANSPORATION WORKERS PUT IN A TOTAL OF 545 MILLION WORKERS HOURS. ASSUMING THAT (1) AN EXPONENTIAL DISTRIBUTION APPLIES FOR THE NUMBER OF WORKER HOURS BETWEEN FATALITIES IN THIS INDUSTRY AND (2) THE ANNUAL 545 MILLION WORKER HOURS OF ACTIVITY CONTINUES IN THE INDUSTRY. WHAT IS THE EXPECTED NUMBER OF WORKER HOURS UNTIL THE NEXT FATALITY OCCURS IN THIS INDUSTRIES? IF A GIVEN RAIL TRANSPORTATION COMPANY REQUIRES 1,000,000 WORKERS HOURS EACH YEAR, WHAT IS THE PROBABILITY THAT THE NEXT FATAL INJURY IN THIS COMPMAY WILL NOT OCCUR UNTIL LEAST 30 YEARS FROM NOW? • Show less

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