A Waiting Line Meeting the M/M/1 Assumptions Has an Arrival

question 50

Essay

A waiting line meeting the M/M/1 assumptions has an arrival rate of 4 per hour and a service rate of 12 per hour.What is the probability that the waiting line is empty?

---

Definitions:

Consumer Wants

Desires or needs that individuals seek to satisfy through the purchase of goods or services.

Total Utility

The overall satisfaction or value a consumer receives from consuming a given quantity of a good or service.

Marginal Utility

The supplementary enjoyment or value a consumer experiences from the purchase of an additional unit of a product or service.

Marginal Utility

The extra value or benefit derived from the use of one more unit of a product or service.