Assume That the Number of Customers Who Arrive at a Water

question 42

Multiple Choice

Assume that the number of customers who arrive at a water ice stand follows the Poisson distribution with an average rate of 6.4 per 30 minutes. What is the probability that exactly two customers will arrive during the next 15 minutes?

• A)0.4236
• B)0.2087
• C)0.0778
• D)0.1510

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Definitions:

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Demand Curve

A representation that shows the quantity of a particular good or service that consumers are willing and able to purchase at various prices.

Government Intervention

Actions taken by the government to influence or directly control economic or market conditions.

External Costs

Costs incurred by third parties who are not involved in a transaction, often leading to market failure if not properly accounted for.