Probability: Average Value: Example 2

In this video I go over another example on probability and average values and this time look at the probability of waiting longer than the average time we expect to wait when calling a company representative. What's interesting is that the average wait time does not necessarily mean that 50% of people wait at least this long. This is rather the median wait time and I will look at this further in my next video so stay tuned for that. The reason why the average wait time differs from the median wait time is because people with very long wait times skew the average value to be higher than when we base it strictly on finding the median value. This is a good example illustrating this concept so make sure to watch this video!

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Related Videos:

Probability: Average Value: Example 2: https://youtu.be/1q_yYIoQ7no Probability: Average Value (or Mean Value): https://youtu.be/gF-zRmdTUWw Probability: Example 2: Exponentially Decreasing Probability Density Function: https://youtu.be/QeU_9NDCXoA Probability: Example 1: https://youtu.be/SDJPja8GJ1Q Probability: Introduction: https://youtu.be/H_sfVMH0VpQ Probability that my friend Dmitry Scores Goals: http://youtu.be/zbAN04Kj3D8 Three Prisoners Problem: http://youtu.be/8vY66MD7nsM Odds of Having a Perfect NCAA March Madness Bracket: http://youtu.be/It1sCq9cAFM Odds of Winning the Lottery: http://youtu.be/dVNFhu6tMQc Blood Flow: Poiseuille's Law: https://youtu.be/X6aU0p7wJzI Applications of Integrals: Hydrostatic Pressure and Force: https://youtu.be/fesMt6vmXIo Applications of Integrals: Surface Area: https://youtu.be/JkDPmAD37qk Applications of Integrals: Arc Length Function: https://youtu.be/MWKK3qLvSwU Applications of Integrals: Arc Length Proof: https://youtu.be/2rb4H_rmgxg Moments and Centers of Mass: Constant Density: https://youtu.be/3bglr1sRWUc Limits at Infinity: Horizontal Asymptotes: http://youtu.be/6pdgb09wRvI .

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