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Ashley's Department Store in Kansas City maintains a successful catalog sales department in which a clerk takes orders by telephone. If the clerk is occupied on one line, incoming phone calls to the catalog department are answered automatically by a recording machine and asked to wait. As soon as the clerk is free, the party that has waited the longest is transferred and answered first. Calls come in at a rate of about 12 per hour. The clerk is capable of taking an order in an average of 4 minutes. Calls tend to follow a Poisson distribution, and service times tend to be exponential. The clerk is paid $10 per hour, but because of lost goodwill and sales, Ashley's loses about $50 per hour of customer time spent waiting for the clerk to take an order. (a) What is the average time that catalog customers must wait before their calls are transferred to the order clerk? (b) What is the average number of callers waiting to place an order? (c) Ashley's is considering adding a second clerk to take calls. The store would pay that person the same $10 per hour. Should it hire another clerk? Explain.
What will happen to equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold.
Describe the goals of the factory owners? Describe the goals of the employees? Describe the problem caused by the scarcity. What is the price of a life.
Calculate the purchasing power parity exchange rate between the Swiss franc and the dollar. Based on your calculation, is the SF overvalued or undervalued.
how are companies using real options, what types of options exist, why are real options important, who uses real options, where are real options most appropriately used and what are experts saying about real options.
calculated the price to be $7 and quant to be 5 on first part. After, I thought the price would be $7.67. Is this correct? and if not, please explain. show the changes in the equilibrium price and quantity.
Elucidate in writing to what market your derivation brings equilibrium and how it accomplishes this. Illustrate what are the principal differences between flexible and fixed exchange systems.
They could each decide to work a few extra hours on Saturday and earn more income. But they choose to play tennis or to relax around the house.
Also that would you considers more likely, to longer-term- U.S. government bonds have a high interest rate than short-term U.S. government bonds or vice versa.
If Congress took steps to consolidate banks, thereby reducing total number to 2500, what would you expect to happen to costs within banking industry.
Each of the five nations that have been asked to bid for the broadcast rights for the London 2016 Games. Prepare to negotiate prices and other organizational details.
Price Elasticity of Demand and Price Elasticity of Supply at the equilibrium point.
illustrate what is the new equilibrium price and quantity. Compute the equilibrium price and quantity in this market.
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