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A single-phase waiting-line system meets the assumptions of constant service time or M/D/1.Units arrive at this system every 10 minutes on average.Service takes a constant 4 minutes.What is the average length of the queue Lq in units?
Market Demand Curve
A graphical representation showing the quantity of a good consumers are willing and able to buy at different price levels.
Social Optimum
The ideal level of allocation of resources that results in the highest possible economic welfare for society.
Corrective Tax
A tax designed to encourage or discourage certain behaviors by including the cost of externalities, thereby correcting an inefficient market outcome.
Tax Revenue
The income that is gained by governments through taxation, serving as a primary source of financing government expenditures.
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