Exhibit 13.2 The Following Questions Refer to the Information and Output Below

question 31

Short Answer

Exhibit 13.2
The following questions refer to the information and output below.
A barber shop has one barber who can give 12 haircuts per hour. Customers arrive at a rate of 8 customers per hour. Customer inter-arrival times and service times are exponentially distributed. The following queuing analysis spreadsheet was developed from this information.
-Refer to Exhibit 13.2. Based on this report what percent of the time is the barber busy cutting hair?

Recognize the relationship between price changes and consumer behavior in terms of quantity demanded and consumer surplus.

Identify the conditions under which consumer surplus and utility are maximized or minimized.

Analyze how the law of diminishing marginal utility affects consumer choices and total satisfaction.

Understand how special pricing (such as sales or discounts) affects consumer surplus.

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Definitions:

Occupational Health and Safety Inspectors

Officials who assess workplaces to ensure they comply with government standards and regulations for worker safety and health.

Inquiries

Questions or investigations made to gather information or clarify understanding.

Investigations

Systematic examinations or inquiries to discover and examine facts or information, often used to establish truth.

Provincial Law

The body of law that governs and is enacted by the individual provinces or territories of a federal country, such as Canada.