A Crew of Mechanics at the Highway Department Garage Repair

question 56

Essay

A crew of mechanics at the Highway Department garage repair vehicles which break down at an average of λ = 5 vehicles per day (approximately Poisson in nature). The mechanic crew can service an average of μ= 10 vehicles per day with a repair time distribution that approximates an exponential distribution.
a. What is the probability that the system is empty?
b. What is the probability that there is precisely one vehicle in the system?
c. What is the probability that there is more than one vehicle in the system?
d. What is the probability of 5 or more vehicles in the system?

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Definitions:

Supply-Side Policies

Economic strategies aimed at increasing production and supply by improving the efficiency and incentives for businesses to produce goods and services.

Federal Reserve System

The central banking system of the United States, responsible for implementing monetary policy and ensuring financial stability.

Countercyclical Fiscal Policy

It's a macroeconomic policy strategy aimed at reducing the effects of economic cycles by employing fiscal measures, such as increasing spending or cutting taxes in a downturn.

Niche Markets

Segments of a larger market defined by unique preferences, characteristics, or needs of its audience, often requiring specialized products or services.