Exhibit 13.1 The Following Questions Are Based on the Output Below

question 14

Multiple Choice

Exhibit 13.1
The following questions are based on the output below.
A store currently operates its service system with 1 operator. Arrivals follow a Poisson distribution and service times are exponentially distributed. The following spreadsheet has been developed for the system.
-A doctor's office only has 8 chairs. The doctor's service times and customer inter-arrival times are exponentially distributed. What type of system is it?

• A) M/M/1
• B) M/M/8
• C) M/M/1 with Finite Queue
• D) M/M/1 with Finite Population

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Definitions:

Money Market Mutual Funds

Investment funds that collect money from various investors to purchase short-term, high-quality debt securities and offer liquidity and relatively low risk.

Federal Reserve Bank

One of the 12 regional banks in the Federal Reserve System of the United States, which serves as the central bank of the country.

Commercial Banks

Financial institutions that offer a wide range of services, including deposits, loans, and other financial products to both individuals and businesses.

Market Interest Rate

The prevailing rate of interest determined by supply and demand in the financial markets that borrowers must pay to lenders.