Exhibit 13 -Refer to Exhibit 13

question 68

Essay

Exhibit 13.3
The following questions refer to the information below.
A company has recorded the following customer inter-arrival times and service times for 10 customers at one of its single teller service lines.Assume the data are exponentially distributed and the 10 data points represent a reasonable sample.
All time in minutes
$$\begin{array} { r r r } \text { Customer } & \text { Inter-arrival } & \text { Service } \\\hline 1 & 11.08 & 2.20 \\2 & 2.50 & 2.50 \\3 & 6.00 & 1.10 \\4 & 5.75 & 14.50 \\5 & 8.50 & 2.00 \\6 & 4.15 & 2.70 \\7 & 15.50 & 5.00 \\8 & 13.00 & 8.50 \\9 & 10.50 & 5.00 \\10 & 6.00 & 1.50\end{array}$$
-Refer to Exhibit 13.3.What is the average time a customer spends in the service line?

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Definitions:

Mutual Assent

Mutual assent is the agreement between parties to enter into a contract, demonstrated by offer and acceptance.

Counteroffer

A proposal made in response to an initial offer, containing different terms that must be accepted for a contract to be legally binding.

Merchant

An individual or business entity engaged in the buying and selling of goods for profit, typically possessing specialized knowledge in the goods traded.

Article 2

A specific section of the Uniform Commercial Code (UCC) that governs the sale of goods in the United States.