During Off Hours,cars Arrive at a Tollbooth on the East-West

question 1

Multiple Choice

During off hours,cars arrive at a tollbooth on the East-West toll road at an average rate of 0.5 cars per minute.The arrivals are distributed according to a Poisson distribution.What is the probability that during the next minute,three cars will arrive?

• A).0758
• B).1255
• C).0126
• D).0613

Understand the role of task representation, including goals, rules, and relevant facts.

Understand and apply concepts of total costs in the short-run production process.

Calculate and interpret average variable costs.

Analyze the relationship between output levels and total variable costs.

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Definitions:

Accrued Interest

The interest that has accumulated on a loan or bond but has not yet been paid.

Interest Income

Revenue received from investments in financial instruments like bonds, savings accounts, and loans, where the investor receives payment for lending money.

Reversing Entry

A reversing entry is an accounting method used to reverse or cancel out adjusting entries made in the previous accounting period, simplifying the recording of future transactions.

Interest Accrued

The amount of interest that has been earned but not yet paid or received, up to a specific date, representing a company’s liability or asset depending on the context.