A Finite Population Waiting Line Model with a Single Server

question 90

Essay

A finite population waiting line model with a single server has an average service time T of 50 minutes and an average time between service requirements U of 350 minutes. Calculate the service factor X. If the population consists of 5 elements, what are the average number waiting, the average number being serviced, and the average number running? Refer to Table D.8 in the text.

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Definitions:

Autonomous Consumption

Spending by consumers that is not influenced by changes in current income levels, typically covering basic necessities.

Disposable Income

The pool of funds households have for saving and spending pursuits after income taxes are factored out.

Consumption

The use of goods and services by households, constituting a major part of the economy's total output.

Permanent Income Hypothesis

A theory proposed by Milton Friedman suggesting that an individual's consumer behavior is determined by their long-term income expectations rather than their current income.