The Waiting Time at an Elevator Is Uniformly Distributed Between

question 56

Short Answer

The waiting time at an elevator is uniformly distributed between 30 and 200 seconds. Find the mean and standard deviation of the waiting time.
A) 115 seconds and 49.07 seconds
B) 1.15 minutes and 0.4907 minutes
C) 1.15 minutes and 24.08333 (minute)^2
D) 115 seconds and 2408.3333 (second)²

• A) 115 seconds and 49.07 seconds
• B) 1.15 minutes and 0.4907 minutes
• C) 1.15 minutes and 24.08333 (minute)²
• ^D) 115 seconds and 2408.3333 (second)²

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Definitions:

Competitive Firm

A company that operates in a market with many buyers and sellers, where each has a negligible effect on the market price.

Average Total Cost

The cost per unit of output, calculated by dividing the total production cost by the quantity of output produced.

Marginal Revenue

The supplementary earnings acquired from selling an extra unit of a product or service.

Competitive Market

A market structure where multiple firms are vying for consumers' business, thereby fostering innovation and fair pricing due to competition.