Answer:
Arrival rate, λ = 4 per hour
Service rate = 1/service time = (1 / 9 minute) * 60 minutes per hour = 20/3 = 6.67 per hour
a) Average number of trucks in system, L = λ/(μ-λ) = 4 / (20/3-4) = 1.5 trucks
b) Average time spent in the system, W = L/λ = 1.5/4 = 0.375 = 0.38 hour
c) Total system cost per day = (2*18 + 75*1.5) *8 = $ 1188 per hour
d) New service rate, μ' = (1/7 minutes) *60 minutes per hour = 8.57 per hour
Average number of trucks in system, L = λ/(μ'-λ) = 4/ (60/7 - 4) = 0.875 = 0.88 trucks
e) Average time spent in the system, W = L/λ = 0.875/4 = 0.2187 = 0.22 hour
f) Total system cost per day = (2*18 + 90*0.88) *8 + 200 = $ 1121.6 = 1122 per day
g) Based on above cost analysis, we see that Total system cost per day is lesser in after the new equipment is installed. Therefore, it is worth to install the new equipment.
Explanation:
Answer:
D) negativity, positively
Explanation:
Equilibrium levels of income and interest rates are negatively related in the goods and services market because an equilibrium in interest and income will mean less goods and services and equilibrium levels of income and interest rates are positively related in the market for real money balances because an equilibrium in income and interest will lead to an increase in real money balances
Opportunity cost - The next-best thing that must be foregone in order to product one more unit of a given product.
Utility - The pleasure, happiness, or satisfaction obtained from consuming a good or service.
Economics - The social science concerned with how individuals, institutions, and society make optimal(best) choices under conditions of scarcity.
Marginal Analysis - Making choices based on comparing marginal benefits with marginal costs.
Answer:
a. Trade can make every person better off.
Explanation:
Trade generates a benefit for all parties trading. If a party do not fell like winning with trade, it will stop trading and the trade will not occur. It is important for each party to make sure the other wants to keep trading, so quantity and price will be based upon both parties agreement.
A person can trade for product she produces, for example a person who produce a certain fruit can buy the same fruit when is off-station in their side of the world with another producer.
It could also trade becasue is the raw material of a finished product and it need more input for his facilities.
If a person or a party who is trading thinks is worse than before the trade, then it will stop trading so, as long as there is trade, both parties are better off after the trade.