The Time Between Customer Arrivals at a Furniture Store Has

question 87

Multiple Choice

The time between customer arrivals at a furniture store has an approximate exponential distribution with mean θ = 8.5 minutes. If a customer just arrived, find the probability that the next customer will not arrive for at least 20 minutes.

• A) 0.095089
• B) 0.653770
• C) 0.904911
• D) 0.346230

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and in the creation of goods and services.

Long Run

A period in which all factors of production and costs are variable, and firms can adjust all inputs and technology to reach a desired output level.

Output

The total amount of goods or services produced by a person, machine, business, or economy.

Prices

The sum of money anticipated, needed, or provided as payment for something.