Final answer:
The correct parameters for the exponential distribution with an average time of 24 minutes are Mean = 24 and variance = 576.
Step-by-step explanation:
The amount of time it takes for a caller to wait for customer service has an exponential distribution with an average time of 24 minutes. In an exponential distribution, the mean is the inverse of the rate (lambda, λ). The variance is the square of the mean in this distribution. Therefore, given a mean (μ) of 24 minutes, the variance (σ2) will be 242 or 576. So the parameters of this exponential distribution are: Mean = 24, Variance = 576.1