Customers Take a Number as They Join the Waiting Line

question 92

Essay

Customers take a number as they join the waiting line of the customer service counter at a discount store. There are two customer service agents. Provide the most likely characteristics of this system.
a. name of model
b. number of channels
c. number of phases
d. arrival rate distribution
e. service time distribution
f. population size
g. queue discipline

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Definitions:

Velocity of Money

The speed at which currency is transferred from one deal to another and the frequency of usage of a currency unit within a specific timeframe.

Unemployment

The state of being without a job despite actively looking for work, usually measured as a percentage of the labor force.

PQ Remains Same

A situation in economic terms where the price level (P) and quantity (Q) of goods and services in the market stay unchanged over a period.

Velocity V

Velocity V typically refers to the velocity of money, a measurement of the rate at which money is exchanged in an economy.