If Arrivals Occur According to the Poisson Distribution Every 20 $\lambda$

question 19

Multiple Choice

If arrivals occur according to the Poisson distribution every 20 minutes, then which is NOT true?

• A)\(\lambda\)= 20 arrivals per hour
• B)\(\lambda\) = 3 arrivals per hour
• C)\(\lambda\) = 1/20 arrivals per minute
• D)\(\lambda\) = 72 arrivals per day

Evaluate the effects of income changes on consumers' capability to reach higher utility levels.

Analyze scenarios illustrating the principle of substitution in the context of perfect substitutes and ordinary goods.

Determine the impact of price changes on the optimal consumption bundle.

Apply the concept of indifference curves to demonstrate preferences and trade-offs between two goods.

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