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The post office uses a multiple channel queue, where customers wait in a single line for the first available window. If the average service time is 1 minute and the arrival rate is 7 customers every five minutes, find, when two service windows are open,
a.the probability both windows are idle.
b.the probability a customer will have to wait.
c.the average time a customer is in line.
d.the average time a customer is in the post office.
Joint Costs
Costs incurred up to the split-off point in the process of producing joint products, which are not identifiable to individual products.
Contribution Margin
The amount remaining from sales revenue after variable expenses have been deducted, contributing towards covering fixed costs and profit.
Net Loss
The result when a company's total expenses exceed its total revenues over a specific period, indicating a negative profit.
Opportunity Cost
The cost of missing out on the next best alternative when making a decision.
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