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A general-purpose auto-repair garage has one mechanic who specializes in muffler installations. Customers seeking service arrive at an average rate of 2 per hour, with a Poisson distribution. The average time to install a muffler is 20 minutes, with negative exponential distribution.
a. On arrival at the garage, how many customers should one expect to find in the system?
b. The management is interested in adding another mechanic when the customer's average time in the system exceeds 90 minutes. If business continues to increase, at what arrival rate per hour will an additional mechanic be needed?
A $17,000 car is purchased for $3,200 down with the remainderto be financed ovr 36 months at 10%. Determine:(a) Monthly payments (b) Total interest (dollars) that would be paid in 36months
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce).
Where Q measures the number of units of the public good and P is the price in dollars. The marginal cost of providing the public good is $180. a) What is the economically efficient level of production (Q*) of the good? b) Illustrate your answer on ..
Also suppose that in 1984 each bucket of chicken was priced at $10.00. Finally, assume in 2005 the price per chicken was $16.00 and 22,000 buckets were produced. Determine the GDP price index for 1984, using 2005 as the base year.
Assume that the supply curve for popcorn is determined by the following: Qs=12Pp. Assume further that today's price of nachos is $6 per serving and of candy is $4 per bag. Determine the equilibrium quantity exchanged and price of popcorn.
Calculate monopoly output, price, and maximum profit when the market demand curve is QD = 20 - 2p, MC = 4Q, and TC = 2Q2. If a new innovation enables the monopoly to cut its costs by 50%, but it costs $50 to adopt this innovation.
Jane invested $ 9,000 in a high yield bank account. At the end of 15 years she closed the account and received $299,000. Compute the effective interest rate per year she received on the account if the interest was compounded yearly.
Suppose A through F constitute a set of feasible, mutually exclusive investment opportunities. Assume Do Nothing is not an option (i.e. must pick from A through B). Using (1) Present Worth, (2) Annual Worth (EAW), (3) Future Worth, (4) IRR, (5) B/..
When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
Derive the trade balance equation (19.34) from the capital market clearing equation (19.26).
2. the first equation to be estimated is fxi b0 b1 uri uiwhere u is a disturbance term and the i subscript
cars arrive at carlas muffler shop for repair work at an average of 3 per hour following an exponential distribution.a
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