Little's Flow Equations

question 23

Multiple Choice

Little's flow equations

• A) require Poisson and exponential assumptions.
• B) are applicable to any waiting line model.
• C) require independent calculation of W, L, W_q, and L_q.
• D) All of the alternatives are correct.

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Definitions:

Income Distribution

The way in which total income is spread amongst the population or different groups within a society.

Lorenz Curve

A diagrammatic representation that exhibits how wealth or income is distributed among people in a society, underscoring the existing inequalities.

Gini Ratio

A scale measuring the degree of income difference among people in a demographic, with 0 symbolizing perfect equity and 1 symbolizing utter inequity.

Greater Inequality

A situation characterized by a wider disparity in income, wealth, opportunities, and other socioeconomic indicators among individuals or groups within a society.