During Lunch Time,customers Arrive at Bob's Drugs According to a Poisson

question 39

Essay

During lunch time,customers arrive at Bob's Drugs according to a Poisson distribution with  = 4 per minute.
a.During a one-minute interval, determine the following probabilities: (1) no arrivals; (2) one arrival; (3) two arrivals; and, (4) three or more arrivals.
b.What is the probability of two arrivals in a two-minute period?
c.What is the probability that no more than 30 seconds elapses between arrivals?

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Definitions:

Gasoline

A liquid fuel derived from petroleum, primarily used to power internal combustion engines in vehicles.

Private Value

The valuation of a good or service to an individual or entity, reflecting personal utility rather than market or societal value.

Market Equilibrium

The state in a market where the quantity demanded equals the quantity supplied, leading to a stable price level for goods or services.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and sale of a good or service.