A Restaurant at a Popular Colorado Casino Provides Priority Service

question 46

Multiple Choice

A restaurant at a popular Colorado casino provides priority service to player's card holders. The restaurant has 10 tables or booths where customers may be seated. The service time (time a booth or table is occupied) averages 42 minutes once a party is seated. The customer arrival rate is 8 parties per hour, with the parties being equally divided between card holders and people without player's cards. On average, how much longer do parties without player's cards spend in the system, compared to parties with the player's cards?

• A)approx. 30 seconds
• B)approx. 4 minutes
• C)approx. 8 minutes
• D)approx. 32 minutes
• E)It is impossible to say without more information.

Analyze the impact of productivity changes on the labor market and wages.

Recognize the role of discrimination and earnings disparities in the labor market.

Understand the relationship between technology, productivity, and the value of the marginal product of labor.

Explore the effects of government interventions such as minimum wages on labor market equilibrium and unemployment.

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Definitions:

Liability

An obligation of an entity arising from past transactions or events, the settlement of which is expected to result in an outflow of resources embodying economic benefits.

Date Of Record

The specific date set by a company on which the shareholders of record are entitled to receive dividends or other distributions.

Dividend Payment Date

The specific date on which a company's dividend payment is to be made to shareholders of record.

Dividend Yield

A financial ratio that shows how much a company pays out in dividends each year relative to its share price.