Fast Food Restaurants Pride Themselves in Being Able to Fill $f ( x ) = \frac { 1 } { 5 } e ^ { - \frac { x } { 5 } }$

question 43

Multiple Choice

Fast food restaurants pride themselves in being able to fill orders quickly. A study was done at a local fast food restaurant to determine how long it took customers to receive their order at the drive thru. It was discovered that the time it takes for orders to be filled is exponentially distributed with a mean of 1.5 minutes. What is the probability density function for the time it takes to fill an order? ??

• A) \(f ( x ) = \frac { 1 } { 5 } e ^ { - \frac { x } { 5 } }\)
• B)? \(f ( x ) = \frac { 1 } { 3 } e ^ { - \frac { x } { 3 } }\)
• C)? \(f ( x ) = \frac { 2 } { 3 } e ^ { - \frac { 2 } { 3 } x }\)
• D)None of the above answers are correct.

Identify and describe the shapes and relationships of cost curves including ATC, AVC, AFC, and MC.

Distinguish between short-run and long-run decision-making in businesses.

Comprehend the concept of economies and diseconomies of scale and their impact on the firm's cost structure.

Understand the conditions under which a firm should continue operations or shut down in the short run.

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Definitions:

Readiness Risk

The potential for loss or setbacks in a project or initiative due to a lack of preparation or resources.

Competency-Based

An approach that focuses on identifying and developing specific competencies—knowledge, skills, and behaviors—that are critical for success in a role or organization.

Task-Based

Relating to or focusing on discrete tasks or activities rather than overall roles or responsibilities.

Replacement Chart

A visual tool used in succession planning to identify potential candidates for future vacancies within an organization.