Customers Arrive at a Bank at a Rate of One

question 46

Essay

Customers arrive at a bank at a rate of one every minute.The bank has 3 tellers and on average, it takes two minutes to service a customer.
(a)What proportion of time are the tellers busy?
(b)What is the average number of customers in the bank?
(c)What is the average weight time?

---

Definitions:

Sealed-Bid

A bidding process where all bidders submit their bids simultaneously in sealed envelopes, without knowing the bid amounts of other participants.

Lemons

In economics, refers to products of lower quality that cannot be distinguished from higher quality products before purchase, derived from the market for used cars analyzed by George Akerlof.

Expected Value

A statistic that measures the mean, or average, outcome of a set of probabilities or a random variable.

English Auction

A method of auctioning in which the price ascends with successive bids and remains with the highest bidder who then wins the auctioned item.