Waiting Line Models __________ ________ Specifies the Average Number of Customers

question 66

Short Answer

Waiting line models __________ ________ specifies the average number of customers per time period.

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Definitions:

Average Propensity

The ratio of total consumption to total income, indicating the average tendency of consumers to spend their income.

Disposable Income

Net pay after taxes and other deductions, available for spending, saving, or investment.

Consumption

The utilization of products and services by families.

Marginal Propensity

The ratio of the change in an economic variable, such as consumption or saving, to the change in another, typically income.