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A distribution of service times at a waiting line indicates that service takes 12 minutes 30 percent of the time and 14 minutes 70 percent of the time. Prepare the probability distribution, the cumulative probability distribution, and the random number intervals for this problem.
Maximizing Profits
The process of making the most financial gain possible from business operations, through various strategies such as cost reduction, revenue increase, or efficiency improvements.
Profit Maximizes
Refers to strategies or actions companies undertake to increase their profits to the highest possible level.
Quantity
The amount or number of a product or service available for purchase or sale.
Units
Basic quantities or measurements used to express a variable or quantity in a specific context, such as units of currency or units of measurement.
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