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Twelve customers arrive at the lunch counter at George's Happy Hog per hour and select the hickory smoked meat du jour along with a side and soda for $5. The server doubles as the cashier and can take and fill an order in three minutes on average. What is the likelihood that there are zero customers in the system at the George's Happy Hog if the times can be assumed as exponentially distributed?
Buyer-Initiated
Transactions or actions that are started or requested by the purchaser rather than the seller.
Sequential Bidding
A process in auctions where bids are made one after another in a pre-determined sequence, often leading to increased strategic behavior among bidders.
Alternative Transportation
Refers to modes of transport that serve as options other than personal vehicles, such as public transit, cycling, walking, and carpooling, often emphasized for their environmental benefits.
Cutting Edge
The leading position in technological or innovative advancements within a particular field.
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