Use the Data Given Below to Answer the Following Question(s)

question 17

Essay

Use the data given below to answer the following question(s).
Customers arrive at an airline ticket counter at the rate of three customers per minute and can be served at the rate of 4 customers per minute.
-Show the steps required to calculate the average number of customers in the queue.

---

Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale.

Consumer Surplus

The imbalance between the funds consumers are willing to dedicate to a good or service and the funds they actually dedicate.

Consumer Surplus

The discrepancy in the total spend consumers are willing to shoulder for a product or service as opposed to what they actually disburse.

Market Price

The present value at which a service or asset is available for purchase or sale in a market.