Exhibit 13.7 The Following Questions Refer to the Information and Output Below

question 64

Short Answer

Exhibit 13.7
The following questions refer to the information and output below.
A tax accountant has found that the time to serve a customer has a mean of 30 minutes (or 0.5 hours) and a standard deviation of 6 minutes (or 0.1 hours). Customer arrivals follow a Poisson distribution with an average of 60 minutes between arrivals. The following queuing analysis spreadsheet was developed from this information.
-Refer to Exhibit 13.7. Based on this report how long does a customer spend at the tax accountant's office?

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Definitions:

Imports

Goods and services that are brought into a country from abroad for sale.

Price

The amount of money required to purchase a product or service.

Consumer Surplus

The discrepancy between what consumers are prepared and capable of paying for a product or service and what they end up actually paying.

Willing To Pay

The maximum amount a consumer is prepared to spend on a good or service, reflecting the perceived value or utility gained from the purchase.