On Weekdays from 11: 30 Am to 2:00 Pm Customers

question 18

Multiple Choice

On weekdays from 11: 30 am to 2:00 pm customers arrive at a hotdog street vendor at the rate of 25 per 30 minute interval.Assume that this process can be well modeled by the Poisson distribution.What is the probability that the vendor will have to wait at least 3 minutes for a customer?

• A)0.9179
• B)0.6734
• C)0.0821
• D)0.3912
• E)0.8854

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Definitions:

Public Good

This is a good that is non-excludable and non-rivalrous in consumption, meaning it can be used by everyone and one's use does not diminish another's.

Costs

The outlay or expenditure (monetary or otherwise) incurred by a business or individual in the process of producing or offering goods and services.

Benefits

The advantages or positive outcomes that come from specific actions, policies, or investments.

Principal-Agent Problem

The conflict that arises when the goals of principals, such as shareholders, differ from those of agents who make decisions on behalf of the principals, like executives.