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The day after a snowstorm, cars arrive at Mel’s Auto-Wash at an average rate of 10 per hour according to a Poisson process. The automated car washing process takes exactly 5 minutes from start to finish.
1. What is the probability that an arriving car will find the car wash empty?
2. On average, how many cars are waiting for service?
3. On average, what is the total length of time (from arrival to departure) cars will spend at the car wash?
Which lawyer would you sooner choose if you were on trial for a serious crime in a urban vs. a rural society. Is there a difference between the two communities? If there is tell us why there might be a difference.
An asset purchased for $50000 has a depreciable life of 5 years, and it has a terminal book (salvage) value of $5,000 at the end of its depreciable life. With the straight-line method of depreciation, what is the assets book value at the end of year ..
A lump sum of $5.2 million in the first year. Assume the market interest rate will be 6% for all these years.
The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent.
Increasing returns to scale in production means. The demand curve facing a price-making firm is. In the long run all production inputs are variable. Decreasing returns to scale prevail when output increases by a proportion that is smaller than the pr..
q1. are the normal returns on investment included as part of costs or as part of profits in managerial economics?
What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?
q1. use this information to answer the next three questions. sam sells shavers also alvin sells after cut off. imagine
If labor costs rise you may consider substituting capital input for labor input. What factors do you need to consider when making this substitution?
Illustrate what way might society gain if Fed implements policy you have proposed instead of simply permitting long-run adjustments to take place.
Olivia knows that Popeye likes spinach as much as $3 in terms of money, he likes tobacco $1 in terms of money, and he dislikes potatoes as much as if he had to pay.
Assume that the society decided to reduce consumption also increase investment. Explain how would this change effect economic growth.
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