A Call Center Receives Calls from Customers at a Rate

question 119

Essay

A call center receives calls from customers at a rate of 2 per min. The time between customer calls follows an exponential distribution.
(a) What is the probability that it takes 1/3 of a minute or less between consecutive customer calls?
(b) What is the probability that it take 1/2 of a minute or more between consecutive customer calls?

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Definitions:

Real Rate of Return

The rate of profit or growth rate after adjusting for inflation.

Nominal Rate

The interest rate before adjustments for inflation, as opposed to the real rate, which is adjusted for inflation.

Inflation

How quickly the average price of goods and services elevates, lessening the power to purchase.

APR

Annual Percentage Rate, the annual rate charged for borrowing or earned through an investment, which includes all fees and costs associated with the transaction.