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“Learn to juggle. Draw an Owl. Make things better. Without regard for whether it’s going to work this time” – Seth Godin, from the book The Practice.
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When the housing prices are high, the defaults reduce; when the prices are lower, defaults increase but not in the same magnitude.
This is Jensen's inequality, which says that the average (expected values) of inputs do not lead to average output if the function is non-linear. Depending on the shape of the non-linearity, it can under-estimate or over-estimate.
What is the maximum number of tickets they can sell to manage the probability that more than 200 passengers will show up at 10%?
You can check it by plotting the functions using the R command ‘curve’ and shading the area using the ‘shade’ function from the library, ‘DescTools’.
A car hire firm typically receives an average of 3 hiring requests per day. What is the probability it gets at most two hiring requests for exactly 3 days a week?
almost any outrageous event is bound to occur with a large enough number of independent samples!