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What are the assumptions of the exponential distribution applied to the single server queuing situation? Provide examples of when these assumptions might be violated.
Day
A period of 24 hours as a unit of time, representing the time taken by the Earth to complete one rotation with respect to the sun.
Utility
Refers to the total satisfaction received from consuming a good or service.
Consuming
The act of using goods and services to satisfy needs or wants.
Maximizing Utility
The process of choosing the most satisfying option among available choices based on preferences and constraints.
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