Customers Arrive at a Retail Store at an Average Rate

question 9

Multiple Choice

Customers arrive at a retail store at an average rate of five per hour.The time between arrivals can be described by an Exponential distribution.Assuming a customer has just arrived (time = 12: 00 pm) ,find the arrival time for next two customers.Using the following random digits (left to right) :
27,05

• A) 12:16 PM. and 12:36 PM
• B) 12:27 PM and 12:32 PM
• C) 12:05 PM and 12:27 PM
• D) 12:32 PM and 12:59 PM
• E) none of the choices are correct.

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Definitions:

No Haggle

A pricing strategy where the seller sets a fixed price for a product or service, eliminating negotiation on the selling price.

Customer-Oriented

A business approach focusing on creating a positive experience for the customer by meeting and exceeding their needs and expectations.

Pricing Policy

A company's approach to setting the prices of its products or services, based on factors like costs, market demand, competitor pricing, and company objectives.

Transaction

An exchange or transfer of goods, services, or funds between parties.