The correct answer is that the price elasticity of demand is elastic.
Price elasticity occurs when a change in price results in a change in demand. In this example, a 20 percent increase in the price of the drinks resulted in a 25 percent decrease in the demand for the product. Because the price increase resulted in a demand decrease the price is elastic.
<span>I would assume that customers arrive at the queue according to the poisson process, and then decide whether to enter the queue or leave as per the rules in the question.
for (a)
I interpret "enter the system" as "join the queue".
The expected time for this will be
E(time until there is a free slot) + E(time for someone to arrive once a slot is free).
Noting that the additional time taken for someone to arrive once a spot is free is independant of the time that the slot became free (memorylessness property of poisson process)
The waiting time of a Poisson(\lambda) is exp(\lambda) with mean \frac{1}{\lambda}
E(\text{Time someone enters the system})=\frac{1}{2\mu} + \frac{1}{\lambda}
Your post suggests you already understand where \frac{1}{2\mu} comes from.</span>
Answer:<u><em> C) All of these choices are true.</em></u>
Explanation:
Sensitivity analysis is a process of seeing how optimal decision and EMV vary when one or more inputs vary.
Sensitivity analysis finds out how various values of an self-reliant variable affect a particular dependent variable under a set of postulate.
This is used within particular extremity that depend on one or more input variables.
Contingency plan is a strategy in a multistage decision problem that specifies which decision to make for each possible outcome.
A contingency plan is a class of action fashioned to help an administration respond effectively to a important future event or status that may or may not happen.
Multistage decision problem is one where decisions and observations of uncertain outcomes alternate.
The correct answer is Jack.
The total cost of 5 slices of pizza and 3 paperback novels is calculated by this formula:
(5 x $3) + (3 x $5)=
$15 + $15 = $30
Since Jack has a budget of $30 and Diane has a budget of $15, only Jack can afford 5 slices of pizza and 3 novels.
<h2>
We can work on the efficient way after justifying with proper reason to the experienced associate.</h2>
Explanation:
Though the question is incomplete, I can understand what is actually expected and then providing solution from my point of view.
When you feel that your idea is better,
- Calm down yourself to prepare for conversation
- Place a request to the experienced associate to hear your view
- Justify how your way is better than the view of experienced associate
- Make sure that you do not dominate and give respect to his / her age
- Be prepared for the cross question raised by the associate
- Convey about the outcome achieved clearly
- Use the right vocabulary
- Be strong in what you want to convey and the same should not lead to conflict
