Examlex
Tom's opportunity cost of mowing a lawn is 2 loads of laundry. Jen's opportunity cost of mowing a lawn is 1.5 loads of laundry. What is the range of prices for mowing a lawn at which Tom and Jen could both benefit from trade?
Little's Law
A principle in queue theory that states the long-term average number of items in a queuing system equals the long-term average effective arrival rate multiplied by the average time an item spends in the system.
Queuing Systems
A mathematical concept used to describe and analyze the behavior of waiting lines or queues.
FCFS System
"First-Come, First-Served," a queue management strategy where requests are processed in the order they were received.
Arrival Rate
In queuing theory, it is the average number of items or people arriving at a service facility within a specified period of time.
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