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In a serial system with two servers in sequence, suppose that the interarrival time follows exponential distribution with a mean of 3 minutes. The service time of the first server has a mean of 1 minute with a standard deviation of 2 minutes. The service time of the second server has a mean of 2 minutes with a standard deviation of 1 minute. What is the total cycle time of the serial system?
Solve for the equilibrium price and quantity prior to the implementation of the tax.
Describe a replacement problem from your personal experience in which the question of cost saving vs. profit making was a key issue.
A firm uses capital and labor to produce output according to the production function q =4 rad(KL) , for which MP L= 2 rad(K/L) and MP K= 2 rad(L/K). If the wage w=$1/labor-hr. and the rental rate of capital r=$4/machine-hr., what is the least expensi..
Describe in detail, five different variables that may cause an increase in the demand for these services.
The FOMC is scheduled to meet on December 13-14 and it is anticipated that they will raise the federal funds rate. Explain what the federal rate is. Illustrate, using the theory of liquidity preference model, the impact of the fed’s anticipated polic..
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3867 per year, paid at the beginning of each year, in which case maintenance is provied. Alternatively, she can buy a used..
You work as an assistant coach on the university basketball team and earn $13 per hour. One day, you decide to skip the hour-long practice
Pay particular attention to how consumer demand would change, and how the event would affect production costs and the business cycle.
Your reading on the topic of price controls should allow you to have some insights on certain situations that could emerge under stressful conditions. Imagine that a natural disaster struck a certain area of the country. Immediately basic goods such ..
Even though the costs of the Winnipeg General Strike were high and the gains were relatively limited, many who promote unionization in Canada today point to it
A car wash in a metropolitan area services a community of 50000 people. The car wash charges $14 per car wash. For every dollar increase in the price of a car wash the potential number of customers that could use the car wash decreases by 2500. Find ..
Describe what can explain this deviation from the Philips curve. Provide examples.
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