On a Typical Monday, an Average of 8 Customers Per

question 66

Essay

On a typical Monday, an average of 8 customers per hour arrive at the bank to transact business. There is one teller at the bank, and the average time required to transact business is five minutes. It is assumed that service times may be described by the exponential distribution. A single line would be used, and the customer at the front of the line would go to the first available bank teller. If a single teller is used, find:
a) The average time in the line.
b) The average number in the line.
c) The average time in the system.
d) The average number in the system.
e) The probability that the bank is empty.
f) If the business is considering adding a second teller (who would
work at the same rate as the first) to reduce the waiting time
for customers. She assumes that this will cut the waiting time in
half. If a second teller is added, find the new answers to parts (a)
to (e).

Understand the concept of offers, including what constitutes an offer and how it can be revoked.

Identify and explain the requirements and conditions for a legally binding contract.

Analyze the impact of advertisements on contractual obligations.

Evaluate the conditions under which an offer can be considered irrevocable.

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Definitions:

Construction Site

A location where construction work such as building, engineering, or demolition projects is carried out.

Cast Spoke

A type of wheel construction characterized by spoke patterns cast into the wheel, providing strength and aesthetic appeal to the design.

Cast Spoke Wheel

A type of wheel manufactured by pouring molten metal into a mold that has spokes as part of its design, providing strength and aesthetic appeal.

Stud-Piloted Disc

A type of wheel mounting system where studs align and secure the disc wheel in place, often found in heavy-duty vehicles.