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The sales counter next to the soft toy display in Shambles receives a customer every 2-4 minutes. Most of these customers (80%) are buying toys and are dealt with by the cashier in 3-5 minutes. The remaining 20% of customers come to open accounts that require an account manager. These customers wait for the account manager, who spends 10-20 minutes in serving them.
a) You are required to simulate a 10-hour day in this department using GPSS. To begin with, construct a flowchart describing the above events using suitable GPSS blocks.
b) Now carry out the simulation in GPSS, giving your programme (code) and simulation report.
c) Describe the results of your simulation using the simulation report, giving as much detail as possible.
Using an aggregate demand and supply diagram, explain how each of the following scenarios affects the equilibrium price level and aggregate output. Consider first the short-run, th
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Inflation in Sweden Figure Inflation in Sweden 1830 - 2010. Source: SCB. There are four aspects which are interesting when we look at inflation data for Sweden
Potatoes cost Janice $0.50 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50,
Your local newspaper reports the following: the owners of the New Orleans Sandwich Shop in Seattle, Washington, found that when they priced their hot dogs (reportedly the rolls-roy
Suppose a consumer's income increases from $30,000 to $36,000. As a result, the consumer increases her purchases of compact disks (CDs) from 25 CDs to 30 CDs. What is the consumer'
A sample of 57 mutual funds was taken and the mean return in the sample was 14.1% with a standard deviation of 9.2%. The return on a particular index of stocks (against which the m
List the 3 factors that determine the price elasticity of demand? State the factor that determines the price elasticity of supply?
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