Table 14-2 A Pharmacy Is Considering Hiring Another Pharmacist to Better Serve

question 43

Multiple Choice

Table 14-2
A pharmacy is considering hiring another pharmacist to better serve customers. To help analyze this situation, records are kept to determine how many customers will arrive in any 10-minute interval. Based on 100 ten-minute intervals, the following probability distribution has been developed and random numbers assigned to each event.
-According to Table 14-2, the number of arrivals in any 10-minute period is between 6 and 10, inclusive. Suppose the next three random numbers were 20, 50, and 79, and these were used to simulate arrivals in the next three 10-minute intervals. How many customers would have arrived during this 30-minute time period?

• A) 18
• B) 19
• C) 20
• D) 21
• E) None of the above

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Definitions:

Product Price

The cost assigned to a good or service which reflects its value in the marketplace.

X-inefficiency

X-inefficiency occurs when a firm produces outputs at higher costs than is theoretically necessary, often due to a lack of competitive pressure.

Monopoly Firms

Companies that are the sole provider of a product or service in a market, having exclusive control over supply and market competition.

Profit Maximization

The process by which a firm determines the price and output level that returns the greatest profit, considering its cost structure and the market demand.