The Department Chair Is Out of Town at a Conference

question 1

Multiple Choice

The department chair is out of town at a conference and you, as the assistant department chair, find yourself besieged by dozens of students needing permission to get into a very popular (but closed) class. Student arrivals are governed by the Poisson distribution with a mean of 5 minutes. Telling the students that they can't get into the closed class takes about 3 minutes, and this average is exponentially distributed. About how long does it take a student to wait in line and receive your valuable service?

• A)0.125 minutes
• B)0.075 hours
• C)4.5 minutes
• D)7.5 minutes

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Definitions:

Foreign Competition

The presence of competitors from other countries in a domestic market.

Tariffs

Taxes that a government places on imported goods, often to protect domestic industries or to raise revenue.

Quotas

Regulatory measures imposing limits on the amount or value of goods that can be traded, typically used in international trade.

Export Subsidies

Government payments made to domestic firms to encourage exports.