If the Average Time to Serve a Customer Is 3

question 43

Multiple Choice

If the average time to serve a customer is 3 minutes,then the service rate,µ,is

• A)3 per hour.
• B)12 per hour.
• C)16 per hour.
• D)20 per hour.

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Definitions:

Marginal Benefit

The added value or utility one experiences by consuming one more unit of a good or service.

Marginal Social Benefit

The extra advantage to the community from creating or using an additional unit of a product or service.

Marginal Social Cost

The total cost society bears for the production of an additional unit of a good or service, including private and external costs.

Tradable Permits

Tradable permits are environmental policy instruments that allow companies or entities to buy or sell allowances to emit a certain amount of pollutants, aiming to reduce overall emissions efficiently.