Final answer:
The value of the parameter beta for the exponential distribution would be approximately 0.125 hours.
Step-by-step explanation:
To model the time between arrivals using the exponential distribution, we need to determine the parameter for the exponential distribution. The parameter for an exponential distribution is the average rate of events, which is the reciprocal of the average time between events. In this case, we know that there are 8 arrivals per hour, so the average time between arrivals would be 1/8 of an hour.
Therefore, the value of the parameter beta for the exponential distribution would be 1/8 or approximately 0.125 hours to 2 decimal places.