A sporting goods store pays $180 for a rubber raft. The percent markup is 40%. What is the raft's selling price?
1 answer:
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The expected waiting time in system for typical truck is 2 hours.
Step-by-step explanation:
Data Given are as follows.
Truck arrival rate is given by, α = 36 / day
Truck operation departure rate is given, β= 48 / day
A constructed queuing model is such that so that queue lengths and waiting time can be predicted.
In queuing theory, we have to achieve economic balance between number of customers arriving into system and that of leaving the system whether referring to people or things, in correlating such variables as how customers arrive, how service meets their requirements, average service time and extent of variations, and idle time.
This problem is solved by using concept of Single Channel Arrival with exponential service infinite populate model.
Waiting time in system is given by,
where is waiting time in system
is arrival rate described Poission distribution
is service rate described by Exponential distribution
...it is due to 1 day = 24 hours
Therefore, time required for waiting in system is 2 hours.