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Students arrive randomly at the help desk of the computer lab. There is only one service agent, and the time required for inquiry varies from student to student. Arrival rates have been found to follow the Poisson distribution, and the service times follow the negative exponential distribution. The average arrival rate is 12 students per hour, and the average service rate is 20 students per hour. What is the utilization factor?
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the point where supply equals demand in a market.
Roses
Flowers known for their beauty and aromatic qualities, often symbolizing love and affection in many cultures.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total welfare gains from trade.
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