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Cars pass a roadside according to an exponential distribution. You see the first after sitting for x minutes and the second after sitting for y minutes. Estimate the parameter.

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You sit by the roadside and watch cars go by. Assume that cars arrive according to an exponential distribution. The first car passes when you have been sitting for x minutes and the second when you have been sitting for y minutes. From these observations, how would you estimate the parameter of the distribution?

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