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Alinara [238K]
2 years ago
7

Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival di

stribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of 3.0 per hour. It will take Benny an average of 17 minutes to give a haircut. Based on these figures, find the following:a. What is the average number of customers waiting? (Round your answer to 4 decimal places.)b. What is the average time a customer waits? (Round your answer to nearest whole number.)c. What is the average time a customer is in the shop?d. What is the average utilization of Benny's time? (Round your answer to the nearest whole percent.)
Business
1 answer:
Sever21 [200]2 years ago
7 0

Answer:

Below is the solution to the given problem

Explanation:

a. What is the average number of customers waiting?

With one barber and exponential service, this system fits Model 1 in the text. λ = 3.000 per hour (given), μ= 60/17 = 3.529 per hour.

You are looking for Lq here.

Lq = λ^{2} / μ(μ – λ) = 3.00^{2}/3.529 (3.529 – 3.000) =  = 4.82 customers

b. What is the average time a customer waits?

Wq = Lq/λ = 4.82/3.00 = 1.607 hours  = 96.40 minutes  

c. What is the average time a customer is in the shop?

You are looking for Ws here, and need to calculate Ls first.

Ls =    λ / μ(μ – λ) = 3.00/3.529 – 3.000= 5.671

Ws =  Ls/λ = 5.671/3.00 = 1.890 hours  = 113.4 minutes

d. What is the average utilization of Benny's time?

ρ =  λ/μ = 3.00/3.529 = 0.85 = 85.0%

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Answer:

a. The monthly payment on loan 1 is $76.03.

b. The monthly payment on loan 2 is $411.69.

Explanation:

a. Calculate the monthly payment on loan 1.

To determine the amount of periodic payments, the present value of annuity formula should be used:

PV=P(\frac{1-(1+r)^{-n} }{r} )

Where:

PV= present value

p=periodic payment

i=rate of interest

n=number of periods

We get the data for this exercise:

PV= 3,600 (loan).

p= unknown (we must find this value)

i= 6.6% or 0.066. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.066 / 12).

n= 4 years and 7 months, that is 55 months.

And we replace in the formula:

3600=P(\frac{1-(1+\frac{0.066}{12})^{-55} }{\frac{0.066}{12} } )

3600=P(\frac{1-(1+0.055)^{-55} }{0.0055} )

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3600=P(47.348867)

Therefore:

P=\frac{3600}{47.348867}

P=76.03

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b. Calculate the monthly payment on loan 2.

We get the data for this exercise:

PV= 11,600 (loan 2).

p= unknown (we must find this value)

i= 7.3% or 0.073. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.073 / 12).

n= 2 years and 7 months, that is 31 months.

And we replace in the formula:

11600=P(\frac{1-(1+\frac{0.073}{12})^{-31} }{\frac{0.073}{12} } )

11600=P(\frac{1-(1+0.006083)^{-31} }{0.006083} )

11600=P(\frac{1-(0.8286047296)}{0.006083} )

11600=P(\frac{0.1713952704}{0.006083} )

11600=P(28.1761088936)

Therefore:

P=\frac{11600}{28.1761088936}

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The monthly payment on loan 2 is $411.69.

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Western Energy makes quarterly deposits into an account reserved for purchasing new equipment two years from now. The interest p
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Answer:

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Answer:

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Answer:

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Current price per share= $10

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Extra amount needed for project= 2,525,000 - 400,000= 2,152,000

Extra shares required= (2,152,000 ÷ $10.10)÷ 0.16

Extra shares required= 1,314,975

8 0
2 years ago
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