Suppose That During a Certain Part of the Day, the Number

question 42

Short Answer

Suppose that during a certain part of the day, the number X of automobiles that arrive within any one minute at a tollgate is Poisson distributed, and $\operatorname { Pr } ( X = \mathrm { k } ) = \frac { 4 ^ { \mathrm { k } } \mathrm { e } ^ { - 4 } } { 1 \cdot 2 \cdot \ldots \cdot \mathrm { k } }$ . What is the average number of automobiles that arrive per minute?
Enter just an integer.

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Definitions:

Revenue Maximizer

Describes a strategy or approach focused on increasing the total revenue received, regardless of profits or costs.

Profit Maximizer

A strategy or process employed by businesses to increase their net profits to the highest possible level given their resources, constraints, and market conditions.

U-Shaped Average

This term seems unclear; possibly referring to the 'U-shaped' curve of the average cost, which decreases, reaches a minimum, and then increases with production volume.

Price Elasticity

Evaluating how price changes for a good translate into variations in consumer interest.