Use the Information Below to Answer the Following Question(s)

question 13

Multiple Choice

Use the information below to answer the following question(s) .
A steady stream of eager fresh-faced students waits in line to register for classes before the start of fall semester classes.Students arrive at the rate of 10 per hour and it takes the single clerk on duty an average of 3 minutes to check their student status,and register them for classes.The service time is exponentially distributed.
-What is the service time in number of students serviced per hour?

• A)20
• B)45
• C)60
• D)90

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Definitions:

Peanut Butter

A food paste or spread made from ground dry-roasted peanuts.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive in the market, reflecting extra benefit or profit.

Gain In Producer Surplus

An increase in the difference between what producers are willing to accept for a good versus what they actually receive.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from the production and consumption of a good or service.