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Students arrive randomly at the help desk of the computer lab.There is only one service agent,and the time required for inquiry varies from student to student.Arrival rates have been found to follow the Poisson distribution,and the service times follow the negative exponential distribution.The average arrival rate is 12 students per hour,and the average service rate is 20 students per hour.A student has just entered the system.How long is she expected to stay in the system?
Competition
Rivalry among business firms for resources and customers.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service more efficiently than its competitors when using the same amount of resources.
Opportunity Cost
The benefit that is missed or given up when choosing one alternative over another.
Comparative Advantage
Comparative advantage occurs when a country can produce a good at a lower opportunity cost than another country.
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