Chance of having no more than 2 customers

Assignment Help Business Economics
Reference no: EM131918437

Assume customers arrive to an M/M/1 queue at the average rate of 10 customers/hour. For safety reasons, the manager wants to have no more than 2 customers in the system at any time. What should be the service rate to make sure that the chance of having no more than 2 customers in the system is 90%? Recall that the arrivals are random so we cannot make 100% sure this never happens.

Reference no: EM131918437

Questions Cloud

What do you already know about the issue : What information do you already have or what do you already know about the issue. This may be a bulleted list.
Criminal justice into logistics : Is six sigma helpful when attempting to change a career from criminal justice into logistics?
According to the price each is willing to pay for stock : Rank the investors in order, from highest to lowest, according to the price each is willing to pay for this stock.
Separate services in the hospital : Is it possible for a community hospital to use both a cost leadership and differentiation method with separate services in the hospital?
Chance of having no more than 2 customers : What should be the service rate to make sure that the chance of having no more than 2 customers in the system
Calculate four separate implied volatility : Write a brief one page report outlining your findings. What can you infer from the results and are they consistent with your expectations?
Description of participants-forces affecting the industry : Description of the chosen industry: main participants, trends, forces affecting the industry.
Intrinsic or theoretical value of share of common stock : The intrinsic or theoretical value of a share of common stock is based primarily upon the
Prepare all components of knab master budget : Joseph A. Knab distributes men's suits in the Southwest. Prepare all components of Knab's master budget for the third quarter of 2011

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd