A company is preparing to launch a new web site to sell its products. From past experience, they know that purchases at the site
will occur as a Poisson process with on average 30 purchases every 10 minutes.
a) What is the expected time in minutes before the first purchase after the site opens? Give your answer to four decimal places.
b) What is the probability that more than 0.14 minutes pass before the first purchase? Give your answer to four decimal places.
c) What is the expected time in minutes until the fifth purchase? Give your answer to four decimal places.
a) What is the expected time in minutes before the first purchase after the site opens? Give your answer to four decimal places.
b) What is the probability that more than 0.14 minutes pass before the first purchase? Give your answer to four decimal places.
c) What is the expected time in minutes until the fifth purchase? Give your answer to four decimal places.
1 answer:
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A total of 3 worker will be hired for the ranch if the going wage for these workers is $500 per week.
<h3>What is a marginal labor?</h3>This refers to a firm increase in total production because of one additional unit of labor that is added while all other factors of production remain constant.
Given the information in the attached table, a total of 3 worker will be hired for the ranch if the going wage for these workers is $500 per week.
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