At Joe's Pool Hall They Rent Tables by the Hour

question 56

Multiple Choice

At Joe's Pool Hall they rent tables by the hour and also rent Balabushka pool cues for purists that can't afford their own. The rental process for these cues is exhaustive and takes an hour and a half for each application. There are three leasing agents that conduct these interviews, and on average, it is one hour between customer arrivals.
-How many customers are either waiting or being served on average?

• A) 1.5
• B) 1.74
• C) 1.98
• D) 2.22

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Definitions:

Autonomous Investment

Investment that does not change in response to alterations in the overall economy or income levels, such as public infrastructure investments.

Equilibrium Real GDP

The level of Gross Domestic Product where aggregate supply equals aggregate demand, adjusted for inflation.

Planned Aggregate Expenditure

The total amount households, businesses, and the government plan to spend on goods and services at different levels of national income.

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption (the output).