Customers Arrive According to a Poisson Distribution

question 6

Multiple Choice

Customers arrive according to a Poisson distribution. The average number of customer arrivals per hour is six. The probability that four customers will arrive in the next three hours is:

• A) less than or equal to 0.01.
• B) greater than 0.01 but less than or equal to 0.02.
• C) greater than 0.02 but less than or equal to 0.03.
• D) greater than 0.03.

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Definitions:

Commodity X

A placeholder term for a generic good or product in economic models.

Demand Equation

Is a mathematical representation that describes the relationship between the quantity demanded of a good or service and its price, among other factors.

New Equilibrium Quantity

This refers to the quantity at which supply and demand are equal at a new price level after changes in the market.

Law of Demand

A principle stating that as the price of a product decreases, the quantity demanded increases, and vice versa, all else being equal.