A Small Diner Has One Employee and a Counter with Seating

question 47

Multiple Choice

A small diner has one employee and a counter with seating for 8 customers. The diner does not package food for takeout. Customers arrive at the diner at the rate of 20 per hour (Poisson distributed) . Service times are exponentially distributed and average 24 per hour. Customers that arrive when all seats are taken do not enter the diner. What is the average number of customers in the diner?

• A) 2.0432
• B) 2.8352
• C) 3.7536
• D) 5.4837

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Definitions:

Real Interest Rates

Interest rates adjusted for inflation, reflecting the true cost of borrowing and the real yield for lenders.

Inflation

The pace of upsurge in the collective market prices for goods and services, decreasing the capacity to spend.

Interest Rates

The cost of borrowing money or the return on investment expressed as a percentage, typically on an annual basis.

CPI

Consumer Price Index, which measures the average change over time in the prices paid by consumers for a market basket of consumer goods and services.