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A queuing model which follows the M/M/1 assumptions has λ = 2 and μ = 3. The average number in the system is
Auctioneer
A person or entity that conducts sales in which goods or property are sold to the highest bidder.
Highest Bidder
the person or entity that offers the highest price in a bidding process, such as an auction, and is typically awarded the item or contract up for bid.
Revoking
The act of formally withdrawing, canceling, or revoking a statement, offer, or privilege.
Written Offer
A formal proposal presented in written form by one party to another, stipulating the terms under which the offeror is willing to engage in a contract.
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