The Manager of the Local Grocery Store Has Determined That,on

question 29

Multiple Choice

The manager of the local grocery store has determined that,on average,4 customers use the service desk every half-hour.Assume that the number of customers using the service desk has a Poisson distribution.What is the probability that during a randomly selected half-hour period,no more than 2 customers use the service desk?

• A) .2381
• B) .1465
• C) .7619
• D) .8535
• E) .0916

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Definitions:

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Production Possibilities Frontiers

is a curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all inputs are used efficiently.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, starting in the United States, leading to high unemployment and financial instability.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, typically characterized by the absence of involuntary unemployment.