Determine the rate parameter

Assignment Help Microeconomics
Reference no: EM13689518

In the interest of customer satisfaction, suppose that the Kroger company conducted a study to determine the total time for cashiers to process a customer order during their busiest times of day. According to the study, the mean time an employee at Kroger takes to serve a customer is 175 seconds, and this time is exponentially distributed.

a. Determine the rate parameter.

b. Determine the probability that someone will have to wait more than 240 seconds for the cashier to process their order.

Reference no: EM13689518

Questions Cloud

Find the probability that the sample mean : Normal 0 false false false EN-US X-NONE X-NONE Find the probability that t..
According to a basic keynesian model : According to a basic Keynesian model if government spending and taxes are increased by the same amount and at the same time, income will rise ( a la the balanced budget multiplier).
Determine the rate parameter : In the interest of customer satisfaction, suppose that the Kroger company conducted a study to determine the total time for cashiers to process a customer order during their busiest times of day. According to the study,
Fiscal policy changes would have a larger overall negative : Normal 0 false false false EN-US X-NONE X-NONE Which of the following fisc..
Appreciate the relatively faster speeds of trade execution : Normal 0 false false false EN-US X-NONE X-NONE A. Write a brief summary ex..

Reviews

Write a Review

Microeconomics Questions & Answers

  List some of products you typically purchase as a consumer

Identify the market structure(s) for the products listed Is advertising is associated with the identified market structure(s). If so, explain why advertising and/or product differentiation is important to this particular market structure.

  What is the future worth of the project

Normal 0 false false false EN-US X-NONE X-NONE A project has a first cost ..

  Risk-free interest rate r

Suppose an individual lives two periods. In period 1 she works full time and makes $100. In period 2 she enters partial retirement and makes $20. She can borrow and save at the constant, risk-free interest rate r.

  Recent increases in rents have caused the citizens of

recent increases in rents have caused the citizens of elmville to vote for a rent ceiling of 1200. assuming all rental

  A simple model of monitoring a company consists of two

a simple model of monitoring. a company consists of two kinds of employees tall and short. each person can work in

  Question on macroeconomics

Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.

  Deplete the fund after the last withdrawal

A small company wishes to set up a fund that can be utilized for technology purchases over the next six years. Their forecast is for $16,000 to be required at the end of year 1, decreasing by $2,000 each year thereafter. The fund earns 6 percent per ..

  Explain what happens to output in the short run

Explain what happens to output in the short run in each of the following circumstances:

  What would be the efficient level of output in the long run

If this firm was under perfect competition, what would be the efficient level of output in the long run?

  The largo publishing house uses 400 printers and 200

the largo publishing house uses 400 printers and 200 printing press to produce book. a printers wage rate is 20 and

  Write out the formulas for the bias-variance and mean

Write out the formulas for the bias, variance and mean squared error of β 1 . How do the bias, variance and mean squared error depend on the values of µ , σ 2 and n ?

  What output changes would you recommend

The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?

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