Exhibit 12.5 The Following Questions Use the Information Below

question 16

Multiple Choice

Exhibit 12.5
The following questions use the information below.
The owner of Sal's Italian Restaurant wants to study the growth of his business using simulation. He is interested in simulating the number of customers and the amount ordered by customers each month. He currently serves 1000 customers per month and feels this can vary uniformly between a decrease of as much as 5% and an increase of up to 9%. The bill for each customer is a normally distributed random variable with a mean of $20 and a standard deviation of $5. The average order has been increasing steadily over the years and the owner expects the mean order will increase by 2% per month. You have created the following spreadsheet to simulate the problem.
-The memoryless property is also referred to as the ____ property.

• A) Markov
• B) Erlang
• C) Poisson
• D) Normal

Understand the role and restrictions of paralegals in the legal profession.

Describe the ethical rules concerning conflict of interest and confidentiality in the legal profession.

Explain the requirements and consequences of the ethical rule of confidentiality.

Identify the tasks that paralegals are permitted and not permitted to perform.

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Definitions:

Price Floor

A government-imposed limit on how low a price can be charged for a product, typically above the equilibrium price to help producers.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price over a specified period.

Rationing Mechanism

A system or method used to distribute scarce resources or goods among consumers, often based on criteria other than price.

Market Economies

Economic systems in which supply and demand drive the production and pricing of goods and services, with minimal government intervention.