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Determine the expected price of gasoline per gallon

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A gas station with only one gas pump employs the following policy: If a customer has to wait, the price is $2.5 per gallon; if she does not have to wait, the price is $3 per gallon. Customers arrive according to a Poisson process with a mean rate of 8 per hour. Service times at the pump have an exponential distribution with a mean of 4 minutes. Arriving customers always wait until they can eventually buy gasoline. Determine the expected price of gasoline per gallon.

Reference no: EM132487928

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