THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 22

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
A small grocery store has two checkout lines available to its customers: a regular checkout line and an express checkout line.Customers with 5 or fewer items are expected to use the express line.Let X and Y be the number of customers in the regular checkout line and the express checkout line,respectively.Note that these numbers include the customers being served,if any.The joint probability distribution is given in the table below.

-Find the marginal distribution of Y.What does this distribution tell you?

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Definitions:

Creative Destruction

A concept in economics that refers to the process by which new innovations trigger the demise of older technologies and economic structures, leading to economic evolution.

Dominant Firms

Companies that hold a significant share of market power in their industry, often able to influence market conditions and prices.

New Firms

New firms are businesses that have been recently established, entering the marketplace with the intention to offer goods or services.

Creative Destruction

A process through which new innovations cause older technologies or models to become obsolete, promoting progress but also potentially leading to job losses.