Inquiries Arrive at a Record Message Device According to a Poisson

question 79

Multiple Choice

Inquiries arrive at a record message device according to a Poisson process at a rate of 15 inquiries per minute.The probability that it takes more than 12 seconds for the first inquiry to arrive is approximately _________

• A)0.05
• B)0.75
• C)0.25
• D)0.27
• E)0.73

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Definitions:

Producer Surplus

The gap between what sellers are willing and able to accept for a good and the actual price they get because of the market conditions.

Lemonade

A sweetened beverage made from lemon juice, water, and sugar, commonly consumed during warm weather.

Out-of-Pocket Expenses

Direct payments made by individuals for goods or services without third-party assistance, such as insurance.

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service and the actual amount received, reflecting the benefit to producers.