A Single Bay Car Wash with a Poisson Arrival Rate

question 27

Multiple Choice

A single bay car wash with a Poisson arrival rate and an exponential service time has cars arriving an average of 10 minutes apart,and an average service time of four minutes.The server utilization is:

• A)24
• B)40
• C)67
• D)2.50
• E)60

Interpret the slope and intercept of a regression line.

Understand and calculate the coefficient of determination.

Recognize and interpret the relationship between the dependent and independent variables in regression analysis.

Distinguish between true regression lines and estimated regression lines.

---

Definitions:

Life Cycle Hypothesis

An economic theory suggesting that individuals plan their consumption and savings behavior over their lifetime, aiming for a stable level of consumption.

Permanent Income Hypothesis

The theory that an individual's consumption patterns are based on their long-term income expectations rather than their current income.

Income Distribution

How wealth and income are shared among a population, often analyzed for insights into economic inequality.

Minimum-wage Laws

Legislation that sets the lowest legal wage that can be paid to workers, aiming to ensure a minimum standard of living for employees.