Consider a G/G/3 queuing system. Interarrival times are on average 5 minutes with a standard deviation of 6 minutes. Service times are on average 12 minutes with a standard deviation of 15 minutes. Use Equation 3.70 and Little’s law to determine average waiting time in the queue and average number of customers in the system. […]
Consider the following demand schedule for umbrellas at a local store: a. Draw the demand curve for umbrellas. Be sure to label the axes. b. Suppose the price of umbrellas is $14. Indicate the area of market consumer surplus in your graph. Also indicate the area that represents the total amount that consumers spend on […]
Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check-up, the local government mandates that the price of a check-up cannot be more than $40. a. Is this a price floor or a price […]
Consider the following supply schedule for apartments in a local market. a. Draw the supply curve for apartments. Be sure to label the axes. b. Suppose the going rental price for apartments is $550 per month. How many apartments will be supplied? (Assume the supply curve is a straight line between the points in the […]
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