Exhibit 13.1 The Following Questions Are Based on the Output Below

question 50

Multiple Choice

Exhibit 13.1
The following questions are based on the output below.
A store currently operates its service system with 1 operator.Arrivals follow a Poisson distribution and service times are exponentially distributed.The following spreadsheet has been developed for the system.

-Refer to Exhibit 13.1.What is average amount of time spent waiting in line?

• A)0.375
• B)0.50
• C)2.25
• D)3.00

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Definitions:

Transaction Demand

The requirement to possess currency in order to carry out daily financial transactions.

Medium of Exchange

An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.

Measure of Value

A function of a medium of exchange that allows it to serve as a common denominator to express the value of goods and services.

Demand Deposits

Bank accounts from which deposited funds can be withdrawn at any time without any notice to the institution, such as checking accounts.