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A distribution of service times at a waiting line indicates that service takes 12 minutes 30 percent of the time and 14 minutes 70 percent of the time. This distribution has been prepared for Monte Carlo analysis. The first four random numbers drawn are 07, 60, 77, and 49. What is the average service time of this simulation?
Dynamic Process
A process characterized by constant change, activity, or progress.
Dollar Votes
The concept in economics that consumers "vote" for products and services they desire through the expenditure of their money.
Homogeneous Product
A product that is identical in quality and specifications no matter its source, making it indistinguishable across producers.
Price Searchers
Firms or individuals who determine the selling price of their goods or services with some degree of market power, enabling them to influence prices.
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