Examlex
Priority :Average Arrival Rate (exponential interarrival times)
High : 3 per hour
Low : 5 per hour
Number of servers: 5
Service rate: 2 per hour (exponential service times)
-What is the overall arrival rate per hour?
Demand Curve
A demand curve is a graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers over a certain period.
Law of Supply
An economic principle stating that as the price of a good or service increases, the quantity supplied of that good or service also increases, all else being equal.
Price-Elasticity
A measure of the responsiveness of demand or supply of a good or service to changes in its price.
Supply
The total amount of a product or service that is available for purchase within a market.
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