You Have Determined That Waiting Times at a Restaurant Are

question 11

Multiple Choice

You have determined that waiting times at a restaurant are uniformly distributed over the interval 5 to 12 minutes. What formula would you use in Excel to generate random values in this range that follow the uniform distribution?

• A) = (12 − 5 ) × RAND().
• B) = (12 + 5 ) × RAND().
• C) = 5 + (12 + 5 ) × RAND().
• D) = 12 + (12 − 5 ) × RAND().
• E) = 5 + (12 − 5 ) × RAND().

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Definitions:

Product Price

The amount of money required to purchase a good or service, determined by factors such as production costs, demand, and supply.

Herfindahl Index

A gauge of company sizes within their market and a marker for the degree of rivalry between them.

Market Shares

The share of a market dominated by a specific company or product, commonly represented as a percentage of the overall sales within that market.

Industry

It refers to the collection of businesses and operations involved in the production, manufacturing, or distribution of goods and services in a specific sector.