The Manager of the Local Grocery Store Has Determined That,on

question 29

Multiple Choice

The manager of the local grocery store has determined that,on average,4 customers use the service desk every half-hour.Assume that the number of customers using the service desk has a Poisson distribution.What is the probability that during a randomly selected half-hour period,no more than 2 customers use the service desk?

• A) .2381
• B) .1465
• C) .7619
• D) .8535
• E) .0916

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Definitions:

Price Elasticity

The responsiveness of the quantity demanded or supplied of a good to a change in its price, a key concept in understanding consumer and producer behavior.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel source.

Price-Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Perfectly Inelastic

A situation where the quantity demanded or supplied does not change in response to a price change.