Customers Arrive at a Drive-Through Teller Window of a Bank

question 5

Short Answer

Customers arrive at a drive-through teller window of a bank. They stay in line when the teller is busy. The service time is exponentially distributed with a mean of four minutes.
A) What is the probability that the next customer in line will take longer than seven minutes to be served?
B) What is the probability that the next customer in line will take less than eight minutes to be served?
C) What is the probability that the next customer in line will take between three and six minutes to be served?

• A) What is the probability that the next customer in line will take longer than seven minutes to be served?
• B) What is the probability that the next customer in line will take less than eight minutes to be served?
• C) What is the probability that the next customer in line will take between three and six minutes to be served?

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Definitions:

Game Theory

A field of applied mathematics used to model and analyze strategic interactions among rational decision-makers.

Rationality

The quality of being based on or in accordance with reason or logic, often used in economics as a principle that individuals aim to maximize utility.

Simultaneous-Move Game

A strategic interaction where all players make their decisions or moves at the same time without knowledge of the other players' choices.

Low Price

The situation or strategy where the cost of a good or service is set below the average market price to attract consumers or gain market share.