1. Consider a random variable X that has a Pareto distribution with parameters a > 0 and...

1. Consider a random variable X that has a Pareto
distribution with parameters α > 0 and minimum value m. Determine for x
≥ y ≥ m the conditional distribution

2. Suppose that the time to finish a project in hours is
given by a Pareto distribution with parameter α and a minimum time of one
hour. Pareto distributions can have the property that the longer the project
goes without completing, the longer it is expected to take to complete. That
is, if X is the time the project finishes, we are concerned with